Peter is the President of the Board of Directors of "Colorado Heavy Equipment Rentals, LL.C." The company is a leading equipment rental and is profitable renting construction equipment. This year, at an quarterly meeting, Peter, proposed the idea of expanding operations into another city. The strategic planning committee vetoed the idea because opening up a new market would require a significant upfront investment in which most of the company equity would be leveraged or pledged in order to expand. Peter nevertheless was confident of this business idea, and suggested that all the expansion could be paid for through equity financing, issuing and selling new shares. He decided to act quickly and called each board members on the phone and told them that he was increasing the existing share volume by 100% in order to take 60% of the company existing equity and put it into the purchase of new equipment. He was so pleased by his decisions he then had the board vote everyone on the board a 35% increase in salary. A week later the board approved this increase in salary. Are there any legal concerns that Peter should be aware of before he decides to open a new market another city? To buy new equipment? To issue new stocks? And to vote a raise for the board? If you are an existing shareholder, what might you think of this, and what are your options?