Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

First Oppty Fund FOFI - Please VOTE AGAINST Current Proposal

|Includes:BIF, BIF, BIF, Boulder Growth & Income Fund, Inc. (BIF)

On Nov 4th FOFI mgmt at Boulder Funds made following announcement:

finance.yahoo.com/news/boulder-investmen....html

... folding in 3 funds (including FOFI) into a single existing CEF BIF. FFOFI trades at a 25% discount while BIF is at a 20% discount. The fund co should offer to open-end FOFI - in fact language currently forces that ...

FROM THEIR ANNOUNCEMENT:

Certain other actions contemplated by the Reorganizations have been approved by the applicable Boards, subject to stockholder approval. Of these other actions, the following are conditions for the completion of the Reorganizations:

An amendment to FOFI's Articles of Amendment and Restatement eliminating the right of stockholders to demand the fair value of their shares upon reorganization with another registered investment company in a family of investment companies having the same investment adviser or administrator as FOFI (the "FOFI Amendment");

I would strongly urge all shareholders (outside the 30+% owned by mgmt) to vote this DOWN. They should make it voluntary to choose either cash/open-end fund (the economics make that difficult to do so cash is the practical route) or merged shares of BIF.

Not often is there any protection by shareholders for these shenanigans - hope the SEC is listening - but here's a case where the current language is clear and protective. Mgmt has the audacity to not only ask for this change, but to demand it to allow for the merger - with no compensation to shareholders.

Anyone else find this abhorrent?

Disclosure: I am long FOFI.

Additional disclosure: CFA, long time successful professional money mgr - now retired

Stocks: BIF, BIF, BIF, BIF