The Directors will no doubt fulfill their duties and I did not...

The Directors will no doubt fulfill their duties and I did not see any reference to them being idiots. However any announced intentions to resign must trigger some thoughts about what then surely??
It is quite common on many share boards that holders call for sackings, voting out or whatever. The main problem is there is rarely a viable alternative put up.
For holders to vote No, I think it is a fair step that there are some alternatives to take the Company in a different direction - otherwise there is little doubt that a Company can just float along and large debt holders end up calling the shots. (And some interesting interim directors can get voted in)
I am not advocating support for CB's proposal, however at least there is alternatives and as can be seen CPSA also has irons in the fire. The more alternatives you have, the better and may well cause a rethink if current Directors and MB see that there is a real chance of a No vote and the Company moving ahead without them......

(I guess we should feel sorry for MB, they may need this deal to pay for their share of the new tax)