M&M plus other insiders probably will not tender their 52.2 percent.
If Cash Holders and Insider Cash Holders own less than 55 percent, the Retention Holders and Insider Retention Holders will be forced to make up the difference.
Thus, a very high percentage of those who tender will be bought out (or at least this is my hope).
Insiders with their 52.2 percent ownership stake are not likely to vote for either proponent plan. This would force Stock Retention Holders to receive cash on a pro rata basis until MMPI Acquisition meets its 55 percent target under the Charlestown/Hartland Plan.