RE: This is the way I see it jacek99, you are letting them walk on you and then you are trying to tell us you want to send them a vote of approval?
1) Reject the merger.
2) Pay shareholders the $80M cash!
3) THEN find a buyer for the remaining assets of the company.
And what they SHOULD have done:
1) Find a buyer for the oil and gas
2) KEEP Elbow River
3) MILK the oil by rail phenomena.
4) SELL Elbow River for 8 x EBITDA as a stand alone entity, and pass the proceeds to shareholders.
We would have gotten $50M for the oil and gas and $200M+ for Elbow River, and some very nice dividend waiting for that to come together.