CCME - I disagree. With a special dividend, critics will say that the company is just giving back the cash from the Starr offering or the warrant exercise or the initial SPAC purchase.
They need to respond aggressively to every single point. And I mean aggressively. They also need to bring kamikaze style legal action in both the US and Chinese court systems against MW, Citron, and any other funds they can find. Maybe you won't win, maybe it will waste money, but you can at least create huge distressing hassles for your adversaries, and deter future actions of this type.
Finally, they need to up the buyback to $100MM+, and vow to put it to use immediately in repurchasing as many shares as possible.
It's about principles here. If you say nothing, roll over, take it in the pants, this will continue forever, and this company will never free itself from the current bullshit. My concern is that this crap will eventually affect their ability to do business as a reputable entity in the Chinese media sector. It has to stop, and given that you are dealing with unscrupulous human beings unconcerned with anything other than their own interests, the only way to make it stop is by inflicting massive amounts of pain.
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