Really Teddy is the best you can come up with? It is not insider trading unless they use this information to trade. It is not insider trading for a company doing a takeover to make the takeover conditional on the due diligence, nor is it insider trading for a bank to do due diligence on a company before lending.
I am not saying the deal is good (it is not), but it is better than the alternatives. Two weeks ago the SP was near 4c. Imagine the dilution we would have faced if CJ had done a CR at this SP? Where do you think the SP would be today if MUS had announced a CR at 3c? Not only would we have been smashed, but it would indicate that they could not raise money any other way (i.e. from people that can check out the inventory). Arena knew all this and was able to use this to get a good deal for themselves. If the shareholders aren't going to support the company we can't really complain when our lack of support is used against us.
If you can come up with a better deal between now and the meeting then get it together and go approach the board. I am sure they will love to have a good alternative.
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