Originally Posted by
Liberty
They hit it out of the park with the first salvo. Very well informed and seemingly every detail correct and well researched. Everything they are requesting sounds like the flight deck conversations we’ve all had for the last several years. Surely, any pilot that read their presentation easily relates to its contents. Of course, I assume the initial intent is to sound great, promise the moon, and gain the support of the other heavy-weight institutional investors. I don’t know where it goes once they wrestle full control. They’re likable so far… but I’m assuming we’re dealing with pirates. Definitely not a boring time.
Yep. This is activist investor 101. Come up with a researched proposal to "rescue" a company on the rocks with a low stock price. Ingratiate yourself to the biggest bloc of institutional investors possible, and either go for broke and force a proxy war, or attempt to force positive changes and sell your stake.
They could have walked away at the close of business today $100M richer for making a PowerPoint deck and writing a neat letter that could have been written by just about any one of us, but I am guessing that they don't want to invite the SEC into their house. This will either go 6 months or they will be hanging out for a very long time.
In any case, none of us can do a damned thing about it.