Sorry to rain on the parades of those thinking about this and fighting hard to get us the best deal, but the way this ends will be in a whimper.
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Nord Gold, may up the price one time if this deal fails, but all they need to do is pay off ONE LARGE SHAREHOLDER to get enough shares to get them over the 90% limit and then force the conversion of the rest.
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I mean really! If it were you, you would rather pay $2.50/ share to one guy with 10MM shares [or however many is needed] to get the deal done, rather than $2.50 to ALL minorities. Yeah, I know, such an offer appears to be illegal under CA law, but apparently "success fees" or do nothing consulting contracts are not illegal.
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So Mordy will be carefully counting votes, calculating who he can "do a deal with," and scouting around approaching one of these large holders to find the weak link. Something tells me kickbacks appear to be a Russian way of doing business? You really think we can win in a game where the player has much more experience?
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I fully expect that in the dead of the night, at some point, this minority shareholder's throat is gunna get sliced and I won't even see it coming! We're gunna loose, deck is stacked - and don't worry... at my memorial service, the eulogy will be - "It's only business!"