the winner, page-24

I totally agree, but if TMR get in the s#!t they'll bring IBR down with them, hence why it seems like it would have been better if the merger happened for "everyone".

I still feel the 2.39% don't hold much value, neither side needs it, it won't help TMR or the two investors that hold the balance of power. So for small time holders i honestly cannot understand the logic for holding IBR. Obviously the 2 IBR holders with 11.40% believe they can get a price which might be the case.

From the article you referenced it doesn't seem like hugh will be chasing the extra 3-4% they need and will just get on with business.

I still don't see the point of holding IBR and blocking the merger over the merger going through and holding TMR.