In March of this year I posted this about Llyod Miller's involvement in defending a take over of a PINK listed company in the US called JPS Industries, Inc.
http://hotcopper.com.au/threads/short-seller-about.2451707/page-43?post_id=14956948#.Vhm94ZWhfIU
Llyod had been a holder of JPS since 1997 . Llyod wasn't against the sale but the company valued itself at $13 and he saw that as minimum value. His involvement saw an offer for the company lifted from $7 to $8 and then eventually to $11 when his proposal was beaten and the company was taken over by Handy & Harman for $11.
The story of JPS Industries is long. It started in February 1990 when the company was formed with $600,000 cash in the bank and ended in July 2015 when all stock holders other than HNH stock holders and their affiliates received $11 for each of their shares.
When I get time I'll go through the entire story and explain how Llyod Miller was involved and how he worked to get better value for the company against a major group of shareholders that were out to get it cheaply from what I can tell. A more forensic reading of the story might show differently but I doubt it.
I'll try and do the detailed forensics on JPS Industries and get back to you guys with the full story but from what I've read Llyod Miller was the good guy fighting for shareholder value in this case.
Eshmun
Ann: Notice of Extraordinary General Meeting/Proxy Form, page-9
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