For me it was a common sense assumption in regards to the deal. In order to know the deal, you have to participate in reading all the court documents. It's natural to assume that if each non-insider shareholder is to receive $0.35 per share and the restructuring of the business would include the addition of outstanding shares unto the market - the assumption could be made that logically the share price, being $0.50 at the time, would probably fall. Maybe someone else can explain it better than that or disagrees all together but that is my own personal view.
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