RE: RE: RE: Everybody pay attention.....Som, I can relate to how you feel. I am a veteran of Northstar Healthcare (down 97% from its high to its low) and International Frontier Resources (down 98% from where I first bought it until I sold it).
On SDI, I assume the reason for the revised offer and the meeting delay is the first offer was going to fail. I assume Management received enough proxy votes AGAINST that Management decided to crank up the number of units on offer so they could contact the funds that submitted "AGAINST" votes and offer them units at 40 cents if they change their vote to "FOR". The press release does not mention who will get the bulk of the additional shares in the revised offer. (I could be wrong. Maybe they did find more friends waiting to buy in, so they opened it up again.)
That means there was no cash from the first offer because big shareholders (funds) thought it was too cheap, too much dilution, etc. I was shocked that the second offer did not sweeten the price. It's an attractive project, so 10-20 cents extra in the price would still leave lots of upside for MS.
I am a recent shareholder so I cannot vote. I wait for veterans like yourself to make their decision. But I come back to my original question: If MS walks away, where do we get the cash?
PS: Please tell me sometime how to do bold case.