AIG bailout shareholder approval notice

AIG bailout shareholder approval notice The document presents the notice issued by Edward M. Liddy as Chairman and CEO of American International Group Inc. to existing AIG shareholders, informing them of the consequences of the federal bailout of AIG. It informs shareholders of overruling the requirement of their approval for what will be done with the bailout funds according to NYSE policy. Received via email as a shareholder: (Paraphrase) Under the agreement with the Federal Reserve Bank of New York, the shareholders must approve the issuance of Convertible Participating Serial Preferred Stock. The Preferred Stock will be convertible into Common Stock of AIG following a shareholder meeting to amend AIG's restated certificate of incorporation. In accordance with the NYSE rule providing the exception to the Shareholder Approval Policy requiring shareholder approval prior to issuance of Preferred Stock, the Audit Committee of the Board of Directors of AIG determined that the delay necessary in securing shareholder approval prior to the issuance of the Preferred Stock would seriously jeopardize the financial viability of AIG. The Audit Committee has expressly approved AIG's decision not to seek shareholder approval. Please leave a comment if you want, this is just to show what is out there... And before you go and spam, dl it watch it and make up your own mind... cheers the_phyrexian

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