PVM haven't really won anything - they've just caused CYA...

PVM haven't really won anything - they've just caused CYA holders to lose, because the Wilson premium (rightly) evaporated when Wilson walked, and Wilson seemingly walked simply because he didn't want to stuff around with a two-way contest.

IMHO holders should be utterly furious at PVM.  Their 'proposal' was garbage.  It provided zero value add beyond stuff that CYA can do of its own volition.

My guess, FWIW, is that CYA won't exist in 12 months.  The directors must be sick of all this nonsense.  My bet is they will just wave the white flag and invite liquidation.  That may result in Wilson having another bite but probably a la the Premium Investors deal from 2012, rather than using the CYA entity for a new Wilson fund.  A scrip swap would be much better for him than liquidation because (1) it would provide rollover relief for his 30% and (2) it would provide added FUM to whichever Wilson vehicle made the bid.