Intrinsyc Software International Inc ISYRF

RE:Final order

[mrmoribund]

Yes, we're late.

It may be that the court simply bumped them to a later date. I looked at the BC Supreme Court schedule for today (Thursday) and neither Intrinsyc nor Lantronix appears. I missed yesterday's schedule and it's now gone.

Far more tantalizing is the following purely speculative possibility--and this fits with the fact that ITC took 7 or 8 hours to press release the vote result on December 30.

Here goes. On December 30 a competing proposal was brought to Intrinsyc prior to the vote. Let's suppose it was for, say, Canadian $2 cash per share. The Intrinsyc board goes into a huddle and eventually comes back with the answer that they still prefer the LTRX bid even though it doesn't at that moment add up to Canadian $2 per share. ITC board members stick with the LTRX offer because they believe LTRX (with ITC) will ultimately be such a huge success that it will ultimately be worth more.

Consequently, the ITC board finds this Canadian $2 offer to be NOT a Superior Proposal. After consulting further with their lawyers ITC issues the press release. The mystery bidder goes off in a huff--with what they believe to be a superior offer rejected.

(Note that for small ITC shareholders this Canadian $2 bid clearly would be a superior offer because they would have the option of taking their cash proceeds and using them to buy LTRX shares. But, because of liquidity issues, this doesn't work so well if you're a big ITC shareholder.)

Come January 8 and mystery bidder shows up at the BC Supreme Court and argues that their bid really was superior and that it's still on the table and that the Court should NOT approve the LTRX deal on the basis that it cannot be fair to ITC shareholders--i.e., because there's currently a better offer on the table. The Court is now considering which side to come down on--or it has instructed ITC to have further discussions with mystery bidder. Or something like that.

Note that this is also consistent with the fact that LTRX shares were falling this afternoon (in an up market). Someone on the LTRX side has found out that the original deal may not happen--or it may only happen at a higher price for LTRX.

If anything like this scenario is happening then before the Friday morning opening, and until the Court has issued its answer (or things have otherwise been resolved), trading in ITC shares should be halted.

This is 100% pure speculation on my part. But it fits perfectly with what appears to be happening (and NOT happening).