The rationale that they would use is what is PGPM contributing to IMVS to get any shares? It would appear as though they are contributing their remaining ownership of 20% of those leases and the $40 million of Lariat stock (this part is not clear - just a guess). Lariat contributes their ownership of the leases to the entity. I'd be the first to admit that these are not independent people looking out for our best interests here (note my earlier post about the auditor who becomes President of IMVS). As I understand things, PGPM will continue to be an operating company for their remaining leases - I would hope they would have IMVS buy out PGPM at some point soon to end this endless cross-ownership and get it to a 2 company deal - IMVS & Lariat. Is it all fair? Doesn't appear so. Is that going to change anything - highly unlikely. Note the original transaction - management buys $40 million of "key leases" from the company. Were they marketed to anyone else to ensure the best price? and/or someone who would pay cash rather than private stock? Can't say for 100% sure, but I think we all know the answer.
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