Dear Jens - your rationality is commendable. I ve to admit that HDS is not my 1st waterloo, so I am a lot more cynical looking at the present situation. Like it or not, common holders like us have the least leverage, so the dice is loaded for the creditors [debt holders.] [note: I don't mean it is right, but unfortunately it is reality, as my parallel of PHV has indicated that sharks like Mr Icahn know what to protect themselves.]
For discussion purposes [hopefully you and I can learn something from it,] as one of my posts I made in this thread has suggested, *book values* is a fuzzy notion. PHV has $10 on the book, yet the common holders are likely to get nil. HDS has $17 on the book. But what are being counted?
Anyway, how do you purpose to fight this thing - as a common holder? If it falls below the 60% threshold for the approval, we may have a disspirited BoD to run the company to the ground. Of course, if we approve it, we lose our shirt. If we sue, we lose our shirt.
Yikes, I am not doing too good. Maybe Tom can provide us with a better scenario.
best, Bosco |
