Jurisdiction Over "Removal Of Ownership Rights"
Dear Mr. Levitt and Mr. Greenspan,
In Reference to the Bankruptcy of Boston CHICKEN and my Rights of Ownership
See also -- Securities Act of 1933 (Securities Act); Securities Act of 1934
(Exchange Act); Macroeconomics of the Federal Reserve Board of Governors Monetary
I am writing this letter as a concerned shareholder. The reason this
letter is being sent to both the SEC and The Federal Reserve Bank
is that I am uncertain as to the governing body for such matters. Any
help that you can provide me with will be greatly appreciated.
My situation is as follows:
- My wife and I own a total of 200 shares of Boston Markets (BOSTQ)
- The management of Boston Markets and/or other news agencies have made
reports such as these --
GOLDEN, Colo., Nov 6 (Reuters) - "Boston CHICKEN
is working to reduce its
current debt of over $900 million by nearly two-thirds and hopes to swap
$627 million in convertible debt for equity."
SOURCE: Boston CHICKEN, Inc. / Company Press Release - ``As part of our
reorganization, we are working to reduce our current debt of over $900
million by nearly two-thirds. We hope to exchange our three issues of
subordinated convertible debentures, totaling approximately $627 million,
for equity. A reduced debt burden, the recent closing of underperforming
restaurants, continued efforts to improve operational performance and our
strong brand image are the cornerstones of our plan of reorganization,''
said Lawrence E. White, Boston CHICKEN
executive vice-president and
chief financial officer.
My questions are these:
- Are they trying to tell me that "they" are going to take my ownership
- If so, is there any law that would protect me from such an atrocity?
- In the event that they take my equity and sell it to someone else, would
such an event be considered the "issuing of securities", and therefore;
fall under the SEC?
- Would such an event fall under the SEC because it helps "prevent the
promotion of equitable and fair operations in securities markets"?
- Or, would such a transfer of ownership rights be considered as an
impact on monetary policy; therefore, falling under the Federal Reserve
Board (since "no one person, group, or sector" should be able to exert
enough leverage to dominate the direction of monetary policy?)
- If all else fails in my attempt to find justice, is Boston Markets'
management obligated to consider a simple turnaround plan prior to taking
my ownership away (such as, changing the name on the outside of the
restaurants to "Boston CHICKEN".)
I apologize for the sloppy structure to this letter, but I am concerned
that time may be of the essence... and my ownership may disappear before
I have a chance to take action.
Thank you. I shall await your advice.
cc: Lawrence White, CFO Boston CHICKEN