Consider Sealaska committee proposal

Letter to the editor

Posted: Wednesday, December 20, 2006

Recently, the Sealaska Corp. held a meeting to inform shareholders of the upcoming annual meeting where we will vote on three resolutions.

Sound off on the important issues at

But before everyone gets excited about including those children who were left out, consider what the committee is proposing:

1. Become a shareholder with no voting rights at all. They call it Life Estate Stock. You will receive dividends like the rest of us, but you will not be able to vote on important issues such as this one. You will have no voice. But what difference is it now? They can't or don't choose to hear us now. I suggest you vote no to this, until the verbiage and rights are changed. We all deserve a say and a choice.

2. Additional nonvoting shares to our elders. This would compensate for fixed income recipients and of course, lessen the amount given to others.

3. Should left-outs receive nonvoting rights? Some of those left-outs have already been gifted shares. Instead of giving them 100 shares, how about giving enough shares to equal 100 with those they have already received?

What about the wording? Did most of you completely understand what the committee was proposing?

But the problem will not go away as it is now. Has anyone considered that the problem may have begun when the shares were first issued? Original shares have been diluted by gifting those shares to their loved ones. That share will not be worth the paper it was written on. One-half of 100 is 50; one-half of 50 is one-fourth; and one-half of one-fourth is one-eighth, and so on until it is worthless.

How about wiping the slate clean. Start everyone with one-fourth blood quantum with 100 shares and let that stock have a life as long as the life of the recipient. In other words, instead of an inheritance of this stock, we would be able to use this for our newborns. That way the shares continue to be used over and over again. This is a choice that I feel we were not given. The committee put in front of us only one way of dealing with these issues - no choices.

Also, be aware that voting "discretionary" is giving your rights to this committee to place your vote where "they" choose. You should instead vote directly. This will allow your votes to go where you decide to vote.

Darlene A. Phillips (McKinley)

Juneau



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