Let me put this perspective on the table - in what what may become a shareholder lawsuit due to the fact that we were pushed into a lowball cash offer, or take back GDR's in return - from a company that has - I beleive - completely lied to us in many instances and treated minorities as fifth class owners throughout their majority ownership.
The fact is that there are MANY concerns regarding the valuation itself. Paradigm hardly has a candle to hold with respect to defending their poor job of developing the valuation model. And, the offer was at $1.40, far far below the $1.80 high price and one third of the true peer valuation.
WE WERE SCREWED
However in what can only be viewed as suspect, Nord allowed Paradigm complete indemnity so they were not legally or financially responsible if they were caught with purposely providing a flawed valuation. With or without this indemnity, we the shareholders are not indemnifying them, and I think that while it is possible that Nord can pay their fine - if it was to come to that judgement - there is still a strip to be taken from them in a lawsuit.
With respect to this valuation, I asked for and did not receive clarification from HRG/Nord on my questions as to HOW each section was valued. The calculations are odd. I emailed them, they confirmed receipt, and yet I was never provided answers. I also left messages with Paradigm which were not returned.
Those who sold did so under duress, because had we held HRG shares past the Dec 8th date, then we would have had non-tradable shares without a market, and the end result would have been the same. Nord shares.
So, considering many do not trust Nord, the only other choice was to take the terrible offer.
This is not the last Nord will hear from Minorities. I suggest if you have not registered who you are with Chris, you do so.