Not sure what this means, but it's been mentioned once or twice before in the news. Anyone able to make sense of it?

UPDATE: Pinnacle Air Board Urged To Accept Shareholder Proposal - WSJ.com

DOW JONES NEWSWIRES
Pinnacle Airlines Corp.'s (PNCL) board was again urged to accept a shareholder group's bid for seats on the board and said it is prepared to petition a Delaware court to order an annual meeting if a date isn't set within 13 months from last May's session.
Private investor Wayne King and Ryan Morris, of Meson Capital Partners LLC, which together have a 6.18% stake in the carrier, in a letter to shareholders said they met last month with Chairman Donald Breeding, and Susan Coughlin, director and head of the nominating and corporate governance committee, urging them to avoid a proxy contest in which the group now plans to nominate a slate of three candidates.
However, the regional carrier's board responded by indefinitely delaying the annual meeting, initially set for May, according to the letter. "We could not disagree more with the board's stated reason for rejecting our proposal on the basis of bad 'timing.'"
The company in a statement on Wednesday said that it continues to evaluate the proposal and that at this time, Pinnacle isn't prepared to change the complement of the board of directors.
The shareholders group reiterated its support for Pinnacle President and Chief Executive Sean Menke, and said by not supporting its proposal "the board is dangerously undermining Mr. Menke's efforts to transform Pinnacle into a sustainable enterprise."
Among other criticisms, the shareholders group cited 1.09% share ownership by the company's eight nonemployee directors.
Pinnacle has been trying to turn itself around and recently announced it is looking for a new chief financial officer. Edward "Ted" Christie, who has been in the post less than a year, plans to leave at the end of the month to become Spirit Airlines Inc.'s (SAVE) chief financial officer.
Pinnacle in December said it initiated a program to reduce short- and long-term costs and enhance liquidity, in part by looking to renegotiate its agreements with most of its business partners and employees.
Shares were up 1.7%, or 2 cents, at $1.18 in recent trading. The stock remains down nearly 80% in the past 12 months, despite climbing 44% since the start of 2012.