Its crooked deal.
This is a management buyout where management can vote.
The Kirby's dont want to use any of their money to prop this up anymore. They gonna use hedge funds and also take it private.
Then they will still be in charge with no costs to fund the business besides debt which hedge fund has on tap.
If it was a CR they would need to use their own cash to maintain their holding.
Mittleman Presentation, page-4
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