It will all depend on who has the balance of power with any votes at a SOA offer.
If the current retail holders can ensure they get a vote of more than 25% then any SOA will fail.
On a SOA the vote requires majority of shareholders ( head count) who vote in favor ( ie 51%) and also 75% of the actual votes cast.
So all you need to defeat an SOA is 26% of the shares that vote against and the SOA fails.
CB
$20 billion dollars in ground metal value, page-304
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