My first impression is that this proposal has little chance of being approved. The board will probably counter that if the management agreement with Seligman is terminated, there will be chaos until a new adviser can be hired, which could adversely affect the fund's investment performance.
Also, Karpus only owns 3.28% of the outstanding shares, and it does not appear that there currently are any other large shareholders in the fund that will be able to offer enough support to get this proposal approved. But if SEL's discount stays around -14%, it could eventually attract some other hedge funds looking to liquidate it.
SEL 1-yr chart: