Something is going on that we don't know about.As I have posted earlier, at the AGM McEwan (Chairman) and the VP Investor relations both implied that there was some negotiation ongoing that they couldn't speak about.
Since the AGM, Mittleman and Frischer have both spoken sepatately about the conduct of the AGM and that they were planning action to address that, but they are holding off. I communicated with Frischer to indicate my support for his taking on the situation, to indicate that I believed his group ought to be working with Mittleman so that there were not two separate groups of minority shareholders, and to be included in any updates on his plans with or without Mittleman vis a vis the current board. His response was that he appreciated the support, and that he really couldn't say too much at the present (that was about 2 weeks ago) about what was or wasn't happening, but to watch.
My conclusion is that there is some major negotiation going on that Mittleman / Frischer support, and do not want to mess up by intervening with the board before that is settled.
In the Quarterly call yesterday, Rabe also stated that there are negotiations ongoing with respect to acquisitions. Mittleman will know what these are, and if he was not supporting them, no doubt would act.
Of course any conclusion is speculation which is dangerous when it comes to investment, but the fact that both the current board and management and Frischer have separately indicated that something is in the works, and that Mittleman has indicated his viewof the board and management , but has not acted, all support waiting to see what happens.