Very interesting developments here, quotes below are from...

Very interesting developments here, quotes below are from today’s media regarding Mittleman.

It occurs to me that scheme A is destined to fail. I’m not clear if scheme B also requires 75% ?


The investor, which now holds a 10 per cent stake in Village, has engaged lawyers to petition the corporate regulator to intervene and is considering suing board directors and an independent committee for failing to represent the interests of shareholders. Village Roadshow and lead independent board director Peter Tonagh declined to comment."Given our belief that the [Independent Board Committee] and the VRL board of directors have not properly discharged their duty to act in the interests of VRL shareholders by protecting them from blatant opportunism on the part of BGH, we have engaged legal counsel in Australia to petition ASIC in hopes of garnering regulatory intervention, and failing that, having our objections brought to the attention of the Court," Mr Mittleman wrote.

"It should be, in our view, common sense to reject this unprecedented dual-structure scheme at a rock-bottom valuation in the midst of one of the worst macro-economic back-drops in history, and where the controlling shareholders are conflicted," he said. "We encourage all VRL shareholders to also vote against these Schemes, as they appear to us to be unprecedented in structure, opaque in detail, and highly likely to confuse, coerce, and ultimately to deprive existing VRL shareholders...of the intrinsic value of their VRL shares.