RE: thin bid spreadthroughmud,
I was surprised at UMJ's approach in the "settlement offer". However, based on the results of their past encounters with ISM, I might give UMJ the benefit of the doubt in their strategy decisions. Previous encounters and Court decisions involving the two companies have been non contests. UMJ has outfoxed Miller and Company on each occasion - helping ISM maintain its unblemished record of poor judgement, and questionable corporate expertise.
UMJ may have realized at the outset that ISM would not accept the settlement, and known they could get some credit for showing that ISM's vision for the company is not that they are portraying to the public.
I find it preposterous that ISM would suggest that they can provide expertise or Directors to a real mining company. In my opinion, you could pick the desired number of people at random off most streets, and have a chance of as qualified a slate of Directors as ISM has attracted in the past six years. Unless you chose a street with corporate offices or in a mining community - you'd likely get more expertise on the BOD, in that case. So how is ISM going to attract superior Directors to appear on their slate for UMJ, when they can't attract an impressive Board for their own company?
It appears that ISM want control of the Board, not just representation. The only way that will happen is if they have attracted other shareholder groups to act with them in this bid at control. Given ISM's track record, I find it difficult to believe that could happen - but there have been unexpected results with such efforts in the past.
I've become a bit more familiar with UMJ operations since my first post here, but I haven't done any detailed review of the company. But I'll again repeat what I've said from the outset - I am familiar with enough of ISM's fiascos over the years that I will avoid any company that is in anyway influenced by Miller & Co. I believe that this opinion would be held by a number of ordinary investors, and I would hope by a number of investment managers. I have no trouble believing that this ISM cloud hanging over UMJ is doing more harm than good, for those that are assessing ISM potential.