In defense, there was not much the GJ and GC could do when they entered the office one bright monday morning and saw Lui Han standing in the kitchen making himself a cup of coffee. According to Westcott, SDL was given 3 options at the time and they went for the T/O. Regardless what option was taken and once having decided on the T/O option,whether a higher asking price (57c vs 45c) at that time should now be construed as greed is simply incorrect. Any event, considering the prevailing market conditions at the time, 45c was as good as 57c and vice versa which ultimately was irrelevant because it seems that neither was achievable because the T/O was doomed from the outset in absence of Chinese backing. If H/L did have Chinese backing, that backing was killed off by "greediness" on the part of Lui Han/Hanlong itself.
Now we've discussed ad nauseum that SDL should have done a better job in undertaking due diligence re Hanlong but, again, everybody was caught by surprise when they learnt that Talbot's family sold their interest in SDL out of the estate to H/L. Next thing everybody knew was Lui Han making himself some coffee in SDL's kitchen.
This is now all water under the bridge.
SDL Price at posting:
3.0¢ Sentiment: Buy Disclosure: Held
