RE: RE: RE: Latest in the bun fightKerBer,
Your comment that the placement would constitute normal operations is well taken. I was speaking more from the standpoint of a legal argument, should it come to that. I think management could make a strong argument for saying they felt it was an opportune time to look after some equity funding, and come up with some rationale for doing so, that would support the move as being in the course of normal operations. I can think of a few arguments for this purpose, and I'm sure their advisors would have better ones. Sure, it may be an excuse to cover a hidden intention. I'm damned sure Miller wouldn't hesitate if the shoe was on the other foot.
It does appear that the real reason may have been to thwart ISM's agenda. But there is a question in my mind as to whether the placement can be closed in time to meet the date of record. As for how those taking the placement might vote - you would think that if they were confident enough to take a part of the placement, they would support existing management - but who knows? If ISM comes up with an outstanding slate and /or a course of action that might impress shareholders entering the company at this time - it could swing the new participants.
I'm suspicious of the ISM involvement. I think that ISM may have a card up their sleeve, such as an identified group that could take the vote in their favour, or make it close. And I'm also suspicious of what they feel would best exploit (that's their word) the value of UMJ properties. What is best for recent acquirers, may not be as attractive to longer term holders who have suffered for a while and are looking to the longer term potential, versus a quick flip.
As I've said, I'm biased - I don't like Miller and I really doubt that his involvement or ISM's will benefit the company for the long term. I can't say that ISM or others close to ISM might not benefit in a short term "exploitation". I hope it isn't at the expense of those taking a longer term view of the potential.
If current management is successful in using the placement as a means to scuttle ISM, I'd say he did the company and long term shareholders a favour, and I have to say that I would find that quite pleasing.