The 25th could have come from my assumption? Everything I read "seemed" to indicate other than taking the "fixed offer", the original conditions would apply. Since the "automatic separation date" is Jan. 23, a Saturday, I figured the earliest anyone would get shares was Monday the 25th.
HOWEVER, I found this in the offer:
4. ACCEPTANCE OF UNITS AND ISSUANCE OF SHARES
Upon the terms and subject to the conditions of the Offer, the Company will accept for exchange Units validly tendered as of the Expiration Date. The Shares to be issued will be delivered promptly following the Expiration Date. In all cases, Units will only be accepted for exchange pursuant to the Offer after timely receipt by the Depositary of the Units through the book-entry delivery, a properly completed and duly executed Letter of Transmittal or manually signed copy thereof. For purposes of the Offer, the Company will be deemed to have accepted for exchange Units that are validly tendered and for which tenders are not withdrawn, unless the Company gives written notice to the Unit holder of its non-acceptance prior to the Expiration Date.
If you tender Units pursuant to the Offer, you will receive unlegended Shares, which will be freely tradable by non-affiliates of the Company.
That last sentence was actually bolded in the filing. I do not know what "unlegended Shares" are?
Other things I noticed that just add more uncertainty to the whole thing:
* Will they get the required 90%?
* They mention MANY times how the offer could be extended. If it is, then everything likely comes available at the same time.
* How does the RS effect everything?
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