"A whole number of people on this board including you have expressed their disatisfaction with the management, and more than a few have given this as a reason for voting against the deal."
I think the problem is that many of us are now convinced that what is good for management is not necessarilly good for shareholders, so our interests and those of management have diverged unfortunately. Management is apparently interested in keeping their cushy salaries going forward and a takeover by LFB would offer them that prerogative probably. On the other hand, the management-planned cheap takeover by LFB would not be in the interest of shareholders...
By voting against the LFB deal, we are hoping that management will be forced into a different direction, such as selling the company at better than the $0.31 that LFB seems to be targeting. At this point, and in this market, I am sure many shareholders would be content with a buyout above $0.6 or so, which is a very reasonable price given the IP that GTCB possesses...
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