Ann: TOV: PGH - Panel Declines to Conduct Proceedings, page-24

Minority shareholders are clearly up against two fronts here an aggressive majority holder trying to squeeze more value from the rest of us, and a Takeovers Panel that seems completely unable to uphold its responsibilities. It’s hard to see their decision as anything other than cowardice.

In that context, there’s a real ethical question that more people should be thinking about. Specifically, how should we view fellow minority holders who are bidding below 84 cents? That price was already seen as a slap in the face during the last offer, and most would agree the fair value now is well above that multiples higher, in fact.

Now, with delisting just around the corner, we all know what tends to happen. Shareholders who don’t want to be stuck in a delisted, illiquid company will start dumping at whatever price they can get. Some buyers are clearly setting themselves up to take advantage of that panic and scoop up shares on the cheap. Legally, there's nothing stopping them. But ethically? It's not so clear. You're not just picking up a bargain you’re taking advantage of people who’ve been cornered, worn down, and let down by the system.

That said, maybe it is just survival mode. If someone’s average entry price is around $2, who can really blame them for wanting to average down or increase their stake? They're taking the risk and hoping for the reward. Let’s be honest RG will be first in line to take whatever he can get. So maybe that's just the game now.