Skip to comments.Small Florida town seeks to wrestle away voting rights for some Publix stock
Posted on 03/21/2011 4:08:37 PM PDT by dynachrome
Why does a flyspeck of a town in North Florida want voting rights to a potentially massive block of Publix Super Market's stock?
Maybe it's tied to a recent campaign to oust the chain's directors at the upcoming annual meeting and take the company public.
Or maybe the people of Campbellton, just south of the Alabama line in Jackson County, just want to lobby for a Publix in their town, population 351.
It's tough to tell because none of the town officials are talking about their effort to seize voting rights in Publix stock by eminent domain, a move one veteran securities lawyer described as "totally bizarre."
(Excerpt) Read more at tampabay.com ...
Why not? Kelo v New London wasn’t that much better.
Campbellton is so small that I did not know it was incorporated. Basically just a place in the road.
I do remember they won the Florida state basketball championship back in the 60’s when their high school only had something like 15 students in their senior class.
I suspect they’re stepping on the toes (or other appendages) of some substantial mutual funds, who will make the case that the voting rights reside with those funds and not the fund shareholders.
I suspect it comes down the exact rules of each fund in question.
At any rate, there are going to be some well-heeled lawyers defending the interests of the funds here, doing their best to make the voters of this burg sorry they elected the bounders they did.
This is just weird. First reaction is that this little town needs to be counter-sued into oblivion and their legal costs run up defending against a swarm of mutual funds.
Publix will crush them.
Whatsamatter little southern hick town, not enough traffic to set up a speed trap?
Kelo v New London is probably what they will try to base their case on. Tax revenue will be enhanced for the town
He who screams the loudest wins.
They won State Championships in ‘57, ‘58, ‘59. and ‘60, I believe. And maybe a year or two more before the school was closed in about 1964. The Class of ‘60 had nine seniors, I think it was.
Thanks for the info. They were even better than I remembered.
Both my parents played for the Florida State Championships in the 30’s tho they did not win. I can remember my Father saying Malone, Florida which is not far from Campbellton, was always their toughest opponent.
Daddy said they would have won except their coach fed them nothing but soup the day of the game. He thought it would make them light on their feet. Instead they all gave out of energy about half way through the game.
With a population of 351, unless the town is next to Tallahassee, I doubt any major grocery chain will set up shop there. Nothing spells “stupid” like a 100,000 square foot store with no customers.
My daddy played in the State tournament in the 30’s too, ‘33, I think....they didn’t win either...
Malone was Campbellton’s big rival. Both small schools, in the same county. Malone ended Campbellton’s 55 game wining streak in December, 1959.