ozl rejects rival offer, page-16

It seems like the alternative to the MM deal has evaporated, but I will still vote no. It is particularly sad - and symtematic of everything this board represents - that the board could not increase the MM offer by leveraging the alternative offer. A pathetic submission of resignation!

So in the aftermath of this horrible few months, I am NOT trying to be an apologist for the board (who I detest for their incompetence, gross under-performance and sickening arrogance).

But it should also be noted that the RBC capital-raising alternative was not much better (or worse) than the MM deal. It was also extremely late in coming, adding to my impression that it was highly opportunistic. The syndicate has priced their deal to be extremenly attractive to THEM, not shareholders. The strike prices are especially dilutive, and would have made the syndicate members a fortune over time. Shareholders would have participated in only a very small portion of this proposed deal via the discounted rights issue.

The fact is that these people are the from the same family of parasites that at the core of the company's funding problems throughout this crisis - only by a different name. They were simply looking to do a very attractive, opportunistic deal for themselves, not us. If not, they still have the opportunity to come back with a better offer.

That said, the real problem here is still the board. They should have welcomed the alternative and aggressivley driven a really hard bargain with both sides, to at least increase the MM offer. Instead, the white flag stayed up!

So now, if we get out voted and the MM deal goes ahead, we end up with PH and a a few hundred milllion in the bank. Not what it could have been but pretty good nevertheless. And a lot better than it could have been in Dec/Jan.

We live to fight again with a magnificent asset, a new board, new management, lots of cash and much opportunity.