Wednesday, June 19, 2013 5:23:44 PM
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The Board of Directors formed a committee to examine the offer and hired firms to help. They have not recommended the offer.
That's what we are waiting on.
There are lawsuits open against the Directors because $6.60 is too low. It's now a class action with a lead firm.
So the committee can do three things.
1. Accept $6.6 and go to court.
2. Reject the offer, and the current lawsuit is dropped. (It's possible more lawsuits would open because they rejected it.)
3. Ask for more money that the current lawsuits would find acceptable.
I would be okay with #1 and #3
#2 would be very bad.
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