My Take:
Due to the fact that the Judge has neither approved or denied the sale, and that they did work late into the day to reach a resolution, this will most likely be approved at some point. Also, it seems to me that the shares obviously have some value, and that is an understatement. They have lots of value, because WC owns 51% of them, which prevents the rug getting pulled out from under them no matter what happens. IMO if another bidder were to emerge it would have to pay WC for 51% of the company. Also, for anyone willing to look it up, the actor Jason Alexander (George) on Seinfeld, and Shaq, and a few others still hold stock in this company. Also, the current CEO Kasson, was the former CEO at Steve Madden (IPO Wolf of Walstreet fame) and I am sure that he is trying very hard to work a deal because he knows just how valuable this company really is. IMO, this is another factor which makes the case for the common shares. Because insiders still hold them, and why give them up even if they are losing their Board of Directors majority? Seems you would want to at least get something out of the deal. Right? I guess they could give them away, but I would wait for the price to climb after the Q goes away.
