Enterprising Investor

10/23/13 9:03 AM

#74 RE: Enterprising Investor #67

Big mistake.

PFD has also informed the Company of its intention to consider a tender offer for the remaining preferred shares of the Company later in 2013.

PDF Holdings LLC should have launched a tender offer once it got to the 9.9 percent ownership limitation. A consent solicitation would have been required. Holders would have needed to approve proposed amendments to the charter so the terms of each series of preferred could eliminate certain rights.

People who work for GS are always thought to be the smartest ones in the room.