another way to look at this, page-12

I think the wording was rather guarded.

I would find it hard to believe that the board has no idea as to a valuation of current assets, but chose those words "independent valuation" deliberately as well as the wording of a recommendation of SH to take no action till further notice.

Compare that to the language used by CRE in the still to be completed friendly FML TO - a distressed asset being bought with the blessing of the CRE board as well as major SH; even that turned into a wee mess.

I know what I think of the offer and a certain proverb comes to mind !

Looks a lot like poker to me !