The bottom line...The bottom line is that OPTI BOD stripped shareholders of voting rights when they certainly didn't have to, as they had the cash to make the interest payment, knowing that CNOOC or one of the other interested parties was going to make an offer once CCAA was filed.
They have been in negotiations with CNOOC for months so I'm sure management had an idea between the gap in valuation that they were trying to propose and what CNOOC was willing to pay. OPTI's BOD had to have known that an offer was going to be made once they filed for CCAA given that the bonds were trading at such a discount. Any offer that valued the second bonds higher than what they were trading at had a very good chance of being accepted.
Not sure if I'm being clear,
1. Management knew what value interested companies placed on OPTI through their negotiations
2. Management knew what the market was valuing OPTI at with the price of the second lien notes.
Therefore management would have known that an offer would be made when they filed for CCAA. The fact that they came up with a warrant deal is a moot point given that they already knew what would happen.
Note: it would be great to know how much the tax credit is worth and what a fair market value on that alone is valued at given the fact that is the only reason we are getting anything. Are we even getting a fair value for those credits?