The more I see of this the more I like it. As TFN says, it isn't over, not by a long shot. There is big money here and Davidson Kempner is the biggest. I don't for a second believe they are going to stand by while the BOD gives away the company pocketing millions in the process. The part of the letter showing the Ad Hoc Committee's willingness to call the bluff of the BOD.....
"Third, the Company’s valuation of its equity in its non-consolidated joint ventures is far below their fair market value. The Company values all these joint ventures at $195 million or about 5 times 2009 dividends, 2.5 times 2009 net income and 65% of 2009 book value. Our financial advisors are willing to provide you with numerous examples of comparable Asian automotive suppliers, which currently trade at forward net income multiples in the teens. If the Company truly considers $195 million to be a fair value for its non-consolidated joint ventures, the Ad Hoc Equity Committee recommends the Company offer these assets to the Ad Hoc Equity Committee at that price."
Right now my belief is that Davidson Kempner is building the foundation of a hostile takeover or at least the threat of one. They have the money to do it at these ridiculously low prices, (market cap, less than $130,000,000).
Marmaj, Thanks for digging up the info on the Lawyer too! He seems to be a heavy hitter indeed. Harvard doesn't usually have lightweights teaching and he's been involved with some of the largest BKs in recent times.
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