Ann: Non-Binding Acquisition Proposal and Business Update, page-30

No, not for the sellers. If we take the cash, why would we care about protection? We have just sold our shares.

As for the people who are converting, it is only obligatory upon the top management as they are expected to continue managing the company. MDP is interested in buying the whole company in order to extract maximum value when the economic environment eventually recovers. Private equity firms have only one objective, to make money. They generally are not ethically driven as their most common method of cost cutting is the sacking of staff.

If MDP think they could make money after purchasing APM for $1.40 a pop, you can draw the intrinsic worth of each share today, but only with the possession of two brain cells (one will not do).