I only think CAL could stop something if XJT retains enough of their own shares. They aren't owned by CAL they are owned by the pubic. SKW could start purchasing XJT stock and make a hostile takeover. XJT's stock is cheap, if the company gets in more financial trouble they'll be forced to release more stock to the public which at the current price wouldn't make the company very happy. If XJT put enough shares out there, and skw picked them up, CAL would have no say so at that point. This is all just IFs. I don't know their contractual setup. It's happened before. The last major one I saw what when Manchester United was part of a hostile takeover.