But if you are the new manager, you can eat your cake and have...

But if you are the new manager, you can eat your cake and have it, too. A 50-75% vote means they get the cash AND they get to invest it. There is no way a manager will want to get the cash, then withdraw from managing something. That is, an 80% vote means they get cash and LOSE their jobs. They wont do that.

They will push to sell the assets. So say the assets are worth $250 mill now. Mac buys them for $300 mill. (a 50-75% vote outcome). Managers now pay themselves a big bonus (for a successful sale) AND now have $300 mill to go buy something to manage - and get their management fees.

This really does not smell good. And I would assume management have enough shares and influence to get the vote into the 50-75% range. The only fair price is one where management recommend a full buyout. The OVER 75% vote. And management pledge their shares to the buyout. Once management are locked in to what THEY will do, THEN we will know what we should do (each investor, individually)