campaign against sundance, page-17

Hi all,

I have been reading the theories re. how the instos will vote on the 45c deal.

I work in the funds management industry and most managers go by the motto "you don't get sacked for making money." While a counter above 45 would be fantastic, the return from 45 would more than easily exceed the return objectives of most funds. Voting no and losing money for investors will most likley get the hedge fund manager sacked.

The most notable SOA that got canned because a fund managers was a little too much ego and believed in his analysis was too much was the Qantas deal. As you may recall, a PE fund offered circa $6 for Qantas but Paul Fiani from UBS voted against. PE walked away, Fiani got sacked and QAN shareholders all got shafted. Fiani has since started his own fund called "integrity".

In a nutshell, I don't think any of the hedgies will have the balls to vote no.

BTW, none of the institutional grade fund managers I know invest in SDL. The stock no longer trades on fundamentals and is rather a merger-arbitrage play.