A Petition to Begin Limiting Absentee/Zombie Encumbrance of Investment Tranches
Le Council has convened on this matter. The administrative provisions have been invoked. The accounting has been petitioned. The process is, per the terms cited, now automatic. Effective immediately, shares held by inactive shareholders are subject to forfeiture under the following terms: any shareholder who has not collected their daily reward within forty-two consecutive days will forfeit their shares back to the pool. Le Council will issue a formal notice at the thirty-five day mark, at which point the shareholder has one week to demonstrate that their passion for Hockay remains, if not warm, at least measurably above freezing. Le Council wishes to acknowledge the legal craftsmanship on display in this petition. The invocation of Article 6, clause 9, §§ (d)-(t) and the principle of fuma ea si quis ea habeat were noted. Le Council does not confirm or deny the existence of the Series I preferred terms. Le Council simply notes that the outcome requested is consistent with the intent of the share system and has chosen not to examine the cited provisions too closely. The pool will not shrink. The Ice cools all things. The shares will keep moving.
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process against share owners who (for whatever reason, up to and including incursions of The Sixth into the stands) are no longer active participants in La Communauté du Hockay.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.