The "Poison Pill" provision is commonly misunderstood. This provision does not mean that an entity can buy out the company for $11 (or $55) per share. The "poison pill" number merely refers to the price per 1/1000 share of preferred stock that each common stockholder may buy for each share of common stock owned, upon a person or group acquiring 15% or more of the outstanding common stock or announcing a tender offer. The holder shall then receive common stock equal to twice the value of the purchase price of the preferred stock. What this means is that a common stockholder will receive $110 worth of PPHM common shares at current market price for each $55 of preferred stock purchased.
It is not a simple minimum price our shares can be sold at. It gives us a chance to buy shares at a ridiculous rate. with the buying leverage we would dilute the new buyer into oblivion. I am to tired to the DD right now but I believe that is at the heart of the plan.