Bitt,
I've avoided weighing in, since so many have made points I agree with (voting, dividends, mainly).

Let me pose to you this hypothetical question. Say a company were public, but there were only two stockholders, one with 51% and one with 49%. The company has a record of consistent 12% profits, and has never paid a dividend - they have several hundered in million in cash accounts. Gross sales are 100 million per year. Is that 49% share worthless/of no value simply because it is a minority share and therefore cannot control board membership?

It seems to me that your arguments to date would say yes, that this 49% has no intrinsic worth - no dividends, no meaningful voting rights.

Am I incorrect in that interpretation?

-Zeke