RE: RE: disappointed Hello Naka,
that is the crux of the matter, what were the numbers? As for confidentality agreements, dont see how we gave up the right to discuss relevant financial matters with shareholders. If the "potential" bids were 2.50, or 2.75 then yes the board acting very much in our interest and deserve praise and thanks. My view is that with 6 or more potential bidders there is a very good chance one of them would have been willing to pay 3.50 minimum, if given the green light by the company. Given the cash on hand, tax loses, increasing production, and potential reserves I do think someone would have bid 3.50 or more. So, if this is the case it means the board knowingly rejected a potential 25% gain, in favor of a drastic 40% cut in shareholder value. This is unacceptable. It is up to the board to maintain the confidence in its shareholders, and its explanation of ceasing talks has not done that. I fear the overestimate the value of the company and the length of time it will take to acheive this, and have given up on a wonderful oppotunity for shareholders (the owners of Ithaca) to get a timely return on investment. Yes, there were no formal offers, but with 6 parties at the table it would not have been hard to get some bidding started. The offers were there had the BoD given the go ahead to proceed. Again I hope these parties know a good chunk of investors are willing to tender shares. It would be easy to get this company for $2.75-$3.00 now. Management could have had more.