Tuesday, August 21, 2007

Yes, the shareholders ok'd the merger, but ...

you aren't surprised, are you? Well, neither are we.

Why vote against a deal that guarantees you $34 per share at a time when they're worth less? (Although they closed up today at $27.98, who knows where they'll be next week or — in the 4th quarter.) The handwriting has been on the wall for weeks and the proof was in the 97% of the shares voted cast in favor of the buyout.

But what alternative is there?

The Q and A session before the vote was brief: other than the 8 or 9 questions from a delegation from the Teamsters and a Guild question (yes, we were there too) about the Deal's financing agreements, only one claiming to be a private investor spoke up.

We have more to share with you about today's meeting and the ESOP worries. Stay tuned. (end of post)

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