That's exactly what it's looking like. Having been on the executive side of things in another industry, this is going to be tough with almost no leverage realistically. "Wholly Owned" is just that....wholly owned. AAG's board (or insert any parent in any industry) is the decision maker. I sure hope that the negotiators knew full well that they were not talking to the guys that could say yea or nay.

Compensation, budgets, bonuses, high value contracts, everything has to be presented to the board for final approval. The subsidiary's executive team has little say so other than making the recommendation to the board. If you've ever been in the board meeting of a publicly traded company..those can go off the rails quickly in a direction you have little control over.