Ann: TOV: PGH - Panel Declines to Conduct Proceedings, page-4

I agree. In the short-term this is a very disappointing decision. The only person who will benefit from delisting is RG; the people most likely to be affected are the smaller shareholders who may be panicked into selling in the next 7 weeks. However, I doubt that RG will be able to mop up more than 1% (3.4m shares) from this campaign. The endgame remains the same: a standoff between RG and the top 5 or 6 holders who own 9% of the 12% minority and can block any attempt to take out PGH below its fair value. In the end RG will have to swallow his pride, and greed, and negotiate with the minority.