RE:For Those Who "Pretend" To KnowI for one will be voting "AGAINST" and I would suggest everyone else do the same. This is a discussion I expected to come up closer to the vote but why not hit the campaign trail now.
The reason for my NO vote is quite plain and simple. It's not in the best interest of all of the shareholders, only the majortiy (Participating) shareholders. I get that we have to give up something significant for Tenor to take on the risk of seeing us through the arbitration process, but that's not the end of this deal nor the most unsettling part.
This deal is structured in such a way as to significantly dilute all of the retail investors while the institutional lads get to participate in, yet again, another private placement of deeply discounted shares that the rest of us were not given an equal opportunity to get our hands on. They're protected under the terms of the deal while the rest of us will be left holding a bag a scraps.
Any shareholder willing to vote "FOR" this deal is nuts in my opinion. The PP may be in the best interest of the majority shareholders because they are being taken care of by having the opportunity to purchase an additional 18% of the company at a price of $0.02869/share. Less than 3 cents per share for these guys while the rest of us are diluted all to hell.
If we vote no, that doesn't happen. Granted the CVR may have some more onerous terms and conditions attached but I personally don't give a rats a$$ about that. If nothing else happens in the meantime, they will proceed to arbitration regardless and we are less likely to get fleeced.
Of course the directors and officers will vote "FOR" because they're comped in additional ways and while they won't be looking out for all shareholders under the terms of this deal, their majority shareholders will be taken care of and that's all they really care about.
This isn't a time to keep your vote to yourself and just let whatever happens happen. The only one looking out for us is us through our right to vote this deal down...
October 13th.....vote "AGAINST"
BH