The only sane thing for major shareholders to do and protect as much of their investment as possible (and yours, even tho you are to naive to recognize it) was to cut a deal with GXY. And that's by far the likeliest thing that played out here.
Your BOD deployed classic defense against Shareholders in their own interests: That's to burn major shareholders (and you with them) by removing shareholders voting powers through VA:
Like in this case:
A40 Price at posting:
8.2¢ Sentiment: None Disclosure: Not Held