The BOD was helping debt collectors bail. The TO has provided liquidity that didn't exist before. They have been selling from 3s to 2s.
High 2s for their lot is a good deal for them.
Cliff according to everyone here just wants all his performance bonuses in 1 year why work 3 years with chance of getting some performance when u can have it all in 1?
So there you have your sinister story.
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Ann: Chairman's letter - Scheme of Arrangement, page-55
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