I don't like the proposal. I am not a believer in the business...

I don't like the proposal.

I am not a believer in the business turnaround story and I would rather see the restructuring tied to a sale of the business.

Absent a sale, every man and his dog knows that Spicers will need to raise additional capital. Again, I would have liked to see the capital raise conducted in concert with the capital restructuring, so that we could fully understand the dilution.

Finally, what is now to stop Spicers leadership from getting their snouts back in the trough and issuing themselves a boatload of 'performance' shares and options?