Vote Yes, take the money and trust the board to spend $32 million wisely.
Option B:
Vote Yes, take the money and immediately liquidate the company and return all of the remaining capital to shareholders (circa 6.75 cents/share?)
Option C:
Spill the board & fire the CEO. Find a new CEO and Board that are willing to be the personification of evil in our Facebook-driven society and fight the Govt in court, while keeping MEL as a viable entity fullfilling all of its regulatory and commercial obligations.
Any volunteers for Option C? If so, step up and be counted, and you will have plenty of support.
Otherwise, it has to be Option B. Option A is not an option, IMHO.
And if the board does not want to find themselves in Court for malfeasence, they must provide a mechanism for shareholders to vote for Option B.
Needless to say, I'm bitterly disappointed after supporting MEL for over 15 years, but absent a viable CEO, Option B is the only way forward that makes any sense.
MEL Price at posting:
5.0¢ Sentiment: None Disclosure: Held
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