A Petition to Begin Limiting Absentee/Zombie Encumbrance of Investment Tranches

The Almighty Ice cools all things. Sadly, passion for Hockay falls under the umbrella of “all things.” However, when those whose passion has cooled step away from The Almighty Ice still holding substantial shares in various teams, this effectively shrinks the pool, in contravention of Le Council’s and Graine Wetsky Funds’ obvious intent.

We the fans hereby the invoke the administrative provisions of Article 6, clause 9, §§ (d)-(t) of the Series I preferred terms to begin the forfeiture process against share owners who (for whatever reason, up to and including incursions of The Sixth into the stands) are no longer active participants in La Communauté du Hockay.

As Le Council is (or reasonably should be) aware, under these provisions of the Series I preferred terms, and per the principle of fuma ea si quis ea habeat, if a shareholder has not spent any Looneys for the entirety of a season, then those shares are subject to forfeiture. Moreover, the Series I preferred terms apply these provisions (expressly and retroactively) to shares issued under the Series H preferred terms.

Obviously, while the forfeiture provisions are not self-executing, per Article 6, clause 9 § (n)(1)(C)(3), any interested, active shareholder may petition for an accounting, at which point, the process becomes automatic at the end of every season, following the conclusion of the playoffs. This petition is precisely that.