email to mr baxter

I just fired this off. I expect no response, as usual.

Mr. Baxter,

I send this email to remind you that shareholders own this company, not you OR the board. Your basis for rejecting the TTY bid on finance issues did not appear to take into account the debt or dilution the Pallinghurst deal will foist upon us once Mr. Gilbertson starts buying things. You also forgot to work out or mention that our stake in JML is worth some $200M, the sale of which, after tax, would cover half of the $1.50 cash component proposed by TTY.

Regarding the uncertain value of TTY shares, your points are, on the surface, valid. However, I'm sure you and the board must be aware that this is in effect a reverse takeover-the principle assets would be existing CSM assets, so if anything, the deal should be valued on CSM scrip moreso than TTY scrip. And currently CSM is being held back by the threat of the inadequate Pallinghurst bid getting up. You must know that, along with knowing the TTY deal would allow CSM shareholders to retain majority control of the new entity, another difference in the two deals on offer. This deal is immeasurably better for CSM shareholders than the grossly inadequate Pallinghurst deal. I feel however that you also know the TTY deal is bad for you and certain board members, hence your decision to reject this offer. You are again thinking of yourself and not the people you work for-the shareholders. Shame on you.