Whom to Sue
A shareholder's super-majority vote (two-thirds approval) never happened. Alfa and Harbour walked away after getting reports that based on the proxy votes tallied the takeover would not be approved by shareholders since O'Hara rejected it as they held 20% votes. ISS and Glass Lewis were hired by the bidders to solicit the proxy voting for approval...Alfa, Harbour and the proxy firms would not be liable under any legal precepts. There was no "breakup" deal and the bidders could simply pull their joint bids and walk away...If you want to sue, the only parties are the Company, directors and key management under fraudulent or gross misrepresentations. I believe it is a total conspiracy theory to try to prove key officers took massive impairments to destroy the Co. so they could buy it back on the cheap. Where is the proof? I think the best approach is to sue the Company & directors under negligent misrepresentations of the true health of the Co. in press releases painting a very healthy co. by over-stating its oil assets in order to enrich themselves through stock options and compensation plans based on the performance of the stock. It is well established that the Co. grew by mergers and acquisitions of other smaller oil companies, likely in questionable incestuous dealings and over-paid for their assets. It is just not possible that oil assets worth $10 billion in 2014 would drop to $1 billion in 2016, losing 90% of their book values over a 3-year time frame, notwithstanding the big oil price drop which subsequently rebounded. The Company grew from a penny stock listed on VSE - nicknamed the Scam Capital of the World in the 80"s.