So which is it? A pump and dump or a takeover by GTT. Because it...

So which is it? A pump and dump or a takeover by GTT. Because it can't be both unless they are genius master manipulators, especially considering it was clear why they were there.

The takeovers board declared that they did infact have a relevant interest and sub holding. No arguements there. Over the 20% by 1.5%, with the 3% creep rule not being allowed by the panel.
They should have declared their interests first thing rather than a few months later.

But I really find it hard to believe that it was an "orchestrated attempt to deceive shareholders". It was glaringly obvious that they wanted a shell but that doesn't mean that the events are due to your reasoning which you seem to voice with conviction.
Did GTT spell their plans out for the world, no, for numerous obvious reasons other than shareholder deception perhaps. Did they have a large enough capital, client base and followers to gain market and shareholder support? Yes.

Also they would have been dealing with all kinds of rubbish including getting Hudson and old management out of the picture and trying to clean up those books, which you keep skirting. It's pretty clear Hudson and Co are the real reason the company failed and lead to the need to recapitalise. This was my original point had you bothered to consider the original post. Not whether personnel at GTT had a relevant interest.

Take a look at EFE new capital raise. Ring any bells? Looks like the corporate finance boys are coming in to clean up shell. Just like all the other dogs.