RE: RE: New BoardDepends how investors feel about it. Personally I feel the right decision was to get rid of old board best for the unit holders and the common shareholders. Why bother to keep 3 of the old board and add on two of the nominees when it it Chris Shackelton who was going for the whole pie with the 300 million dollar capital and the back stop offering and pay off the debts of AG and the lien holders. Why would any investor want to allow Keith and his cronies to stay on when they have literally raped the stock. With a new board and cleaner balance sheets and debts gone they can restore this company to it's former glory without the old board. Chris and the rest of the nomineees cannot be stopped if they choose something better for the company they cannot be outvoted. Will it pop on the news all depends on investors. It is game on like the article states if it's new board is it less desirable no I feel the author has his marbles screwed he feels it is less desirable only because fact point they think 3 of old board knows better about the company which I think NOT otherwise AG would not be where it is now. With the specs on the new board they are qualified maybe more so. Keith if he won would just try to refinance and add more shares to that PPS to pay off debts and try to find a buyer for AG like he was doing and AG would go now where under his direction . Coliesuem and Tan would do it the other way and give way for a chance to survive without diluting the shareholders and probably bring down the interest rates of AG. In a weird way the lien holders can play along with the rights offering because they know it is back stopped no doubt the lien holders have probably stake in this and know already that the old board was getting kicked is why they never advanced the default. This was just a way for keith to bow out graciously and save face that is about it. You have to wonder why wait one day to the delayed meeting to come out with this settlement. Old board would have lost hands down anyway if they went for proxy battle. AG is a debt problem that is all and if Coleisum and Tan can solve that AG flies with the revenues they produce AG should go back over the dollar and then some in the next 6-12 months. Anyone else has an opinion please share JMHO
Will it work this time? The shareholders have achieved a lot already. It seems that they will either achieve a successful transaction (which is desirable) or they will get control of the board (which may not be so desirable.) The big challenge will be keeping the two groups of debt holders at bay, given that both have already filed notices of default and may decide to up the ante. But they would gladly walk if the transaction included them being paid in full.