My data isn't the most current (or complete), but I only found 3 groups with more shares then them ... none of which are asking for a seat on the board.
Wells Capital Management Inc.
22,754,344 12-31-09
Wells Fargo Advantage Small Cap Value Fund
13,386,300 04-30-11
Sun Life Assurance Company of Canada (Toronto)
9,463,533 03-31-11
So I hope they get shot down quickly. The three groups above surely know, virtually nothing from a penny is worthless to them and extrememly detrimental to their investment. I agree with you on that.
I hope MRV's lawyers squash this quickly at at little cost to them.