My thoughts Concerning the hedge funds, I believe that Jeff has publicly invited them to join the process as observers.
This is a fair offer. Of course, if for some reason they are in a hurry to get their money back, then that is something that needs to be thought out.
Jeff's and other management's change of control payment is a preemptive security. As long as it does not impair the operations, I would be fine with them. This shows they are commited to a sale. Be it with BEP or another, they will by contract have earned it as this contract provision was awarded many years ago. These clauses are not exceptional. This has nothing to do with the bonus that would be paid out if the sale price ends up being above 3$/share.
With regards to the break fee, I believe I was the first one to indicate this as a potential avenue, well before M. Konrad did in his blog. Though I understand what Jeff is saying, I however do not agree that for a serious bidder this should be a concern if they are really interested in buying up the company. Heck, even BEP could have this protection if they made a serious bid for the company. The difficulty of applying for a break fee could be linked to the fact that among the options, there is one that involves selling the company's assets piecemeal. If that is the prefered option to get the most return for investors, therefore, it would be more complicated to arrange a consortium and to apply this break fee to a consortium.
IMO
Best of luck to us all.
SB