It is possible that ASM sell out other shareholders to Somboon...

It is possible that ASM sell out other shareholders to Somboon to enrich itself. Somboon pay them off and they cancel the arbitration and strip the assets cheap. But that would be an under table deal (Path B) and incentive must be much bigger than going through above the table channel (Path A).

There are challenges and big risks for them to go under table (Path B). Some questions they need to figure out

1. How certain are they about winning the arbitration? What is the likely award?
2. If so, is it even enforceable beyond cancelling Somboon share ?
3. Is Somboon willing to pay enough bribe such that it is greater than them going the proper way?
4. Can they trust Somboon? Does Somboon trust them? 50% percent payment upfront and balance post cancellation? What if Somboon renege on paying the balance after the arbitration is cancelled?
5. Money wired into offshore account that is undetectable and need to be laundered?
6. Are they sure this under table deal is air tight and there won't be whistleblower? Ben or the new director needs to be paid enough to seal their mouth? They did make a few new enemies who were close to the action.
7. Are they sure Gerard or other substantial holder won't smell something fishy?
8. Risk of class actions from shareholder?
9. Risk of Somboon turn around blackmailing them with evidence? Do they have institutional investors like pension fund that needs to maintain a righteous front?

Mind you I don't know whether they are ethical or not. But I reckon on the balance it is still more strategically advantageous for them to go Path A since that path still has substantial reward and less complication and no existential threat and uncertainties. Then again, it doesn't mean for sure they won't go Path B.

So it is everyone own judgement call.