"....given the backlash by shareholders and the defeat of the proposal how did GS determine it was fair and reasonable???"
well this is the question that every thinking person involved or interested with the LYC/FRG should ask.
while i have no knowledge of any foul play by GS you have to at least be suspicious that there may have been a financial incentive (official or backhand) which influenced their report!
in the best case for GS, imo, they have been negligent in the preparation of their determination. and in the worst case ...
k
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