Uncleremus, that 80% chunk of CF owned by York is too big to swallow by DPDW as it is presently constituted. Other than the 20% owned by the company, apparently significant revenues for Deep Down may largely be a one-trick pony, mostly coming from carousel sales. Could be that the creation of the carousel may have saved the company. Kudos to Ron, if so.
I think that in the short term York wants to make a good (immodest?) return for its investment in the JV. That may imply a massive dilution if Deep Down pursues York's 80%.
The BOD and management created those Amendments and By-Laws that prevent buyouts or takeovers without their consent. Minority shareholders are impotent in all aspects of their relationship with the BOD and management and have no say in the business whatsoever so we have no input regarding York.
What's important to the eventual sale by York of its 80% majority interest is the revenue being generated by the joint venture. If the combined companies are enjoying a substantial increase in sales the price will be commensurate. If not, York may sell their portion to Deep Down for a modest price.
The welfare of shareholders in Deep Down is dependent on the results of the melding of the JV, both companies bringing to the table their singular expertise in the field of syntactic foam. I, for one, am optimistic.
All in my most humble opinion.
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