Stunning news.
It took me some time to absorb it.
Agree it is an obviously HUGE win for shareholders, at least as far as it goes. It is a HUGE win first only in that it shows that the current board are champions of the shareholders interest, something other than the easily confused or easily co-opted self dealing patsies we've seen improperly imposed on us in the recent past.
I expect that doesn't mean that there will be any recognition events, yet. I don't expect Williamson/Diac to accept the FACT that their position is, uh, hmmm... "rather untenable"... that being me understating that about as much as it is possible to understate a thing.
Looks to me like it is inevitable that someone IS going to have their hide nailed to a barn... given the string of "can't get there from here" dependencies the defendants have crafted.
They crafted a Chinese finger trap for themselves... more than one, as it turns out, applied in layers... and just wouldn't listen when TOLD it was apparent that what they were doing COULD only lead to exactly this ?
Now, either they will cooperate with the new board, basically the same way, and including for "some" of the same reasons that Carlos had to cooperate with them, and others... or they will "risk" losing every bit of value that there ever was available for them here... while also putting significantly more at risk.
My opinion is they are ENORMOUSLY lucky to find themselves able to get out of the trap they set for themselves, by lying to us, to each other, and to themselves, without vastly more significant losses than they are likely to accept CAN exist as a risk, now. Shortsighted, but, I still think they will not see what was offered as a nice bit of luck. I think if they do fight it... they will lose, and lose something more than they have in the game.
After reading through the filings a couple of times, I doubt I would have been nearly as willing to posture some of the "easy outs" for them that the board has... but, I still expect it won't matter. They have trapped themselves... and in the process of blinding themselves to the shortcomings inherent in their positions, have missed other elephants in the room.
I think there won't be any interest in cooperation until that gets figured out... and I think by that time, it won't matter.
Given the breadth of what the filing covered, and the necessary degree of condensation in it, I can't imagine that in its brevity it came anywhere close to providing a complete presentation... rather than providing a bare outline, at best. Hard to read it and think it is in fact a significant understatement... but, I think that that is what it is.
It appears to me that virtually every element I see presented is an element that can easily be established as a matter of FACT, with obvious, linear dependencies on fact linking to the next FACT. In a courtroom, the questions and answers seem to me they will of needs be focused on WHICH "fact" of the many mutually exclusive realities defendants have postured, will be or most interest, or proven as "more" coincident with truth. They will immediately be thrust into arguing the facts with themselves... and, either way, when you get a result, it doesn't help them...
I agree with you, too, that just as they ignored the "Chinese finger trap" warnings, the limits in risk they'd gain by cooperating now, as the filing offered, are limits that are very likely not being properly considered... and probably are not BEING considered. The filing also points out there really isn't any expectation on the part of the board that the defendants will cooperate. They are unlikely to listen. Not only in the element of the risk that exists as that you see in the growing ire of shareholders, (many of whom are WELL beyond the point of being aggravated at having been subjected to this level of criminal abuse for so long)... but also in that element of risk from other sources.
The partners, Williamson and Diac (not limited to them, though) likely have each convinced themselves they are in the right... and that, if there is any error that was made... any mistakes made are able to be dismissed as someone else's fault... excused, so it won't matter to them ? I think, given what we see exposed already, that we are so deeply into the realm of obviousness, now, with what has been made apparent, that no one else will be able to convince themselves to be so deluded, even when provided with a motive to TRY.
As is the way of things, I expect it might be possible still that only one or the other, or some few, end up holding the full bag for the collective mistakes. At the end of the inevitable process, we WILL know who is responsible for screwing this up in precise detail. We WILL know who directed what, where, when, why and how... and we will know their motives, and see their errors well and fully illuminated. Still, until now, I've seen so little of any positive character demonstrated here, and have seen such an accustomed lack of familiarity with the truth, that I expect we will see additional proofs of that extreme lack before this is over.
The need for excuses is likely to lead to a need for a cover up, finger pointing and blame... and things could get ugly. We've seen similar pathology here before.
I think they CANNOT do what they should... in their own interest... because they are irrational to a degree they are unable to deal with the reality they have created, and what that requires now given what they will face in being confronted with an external imposition of the truth. They can't tell the truth to us... and they can't tell the truth to each other... and they can't tell the truth to themselves... in part, because they wouldn't ever have bothered to (habit), wouldn't in self interest (motive), and likely couldn't recognize value in it when they'd seen it (pathology)... if any element of it conflicted with what they wanted.
Others, it turns out, are not nearly so limited.
It seems there STILL isn't any real ability to recognize any external limits exist in reason developed outside the incomplete logic in the reality that they've tried to create for themselves. Given the history, I doubt they will try or ever comprehend any element of this, or of my prior posts re "doing the right thing" or "Chinese finger traps". Again, you have to be familiar with it, and know what the right thing is, and why it matters... to comprehend the benefit... and, here, given their selective and conflicted myopia re FACTS and other elephants, they are also unlikely to be able to do the smart thing.
JMHO
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