trojan hits out at cmi board, page-8

Bottomfeeder, you have a trading position. But there are many more shareholders who have an investment position, and, more than ever, are not going to forgo fair value. Not now. There also needs to be a 75% vote for any buyback to get over the line - it's just not going to happen, even if pitched at $1.00.

They'll be able to see through the latest attempt to lower the shareprice, if that, from what you're assuming, is the intent of the Board. Shareholders weren't fooled by 'price' last time (which was the Board's argument); they went by 'value', which was the activists' argument.

Most shareholders aren't stupid. Most shareholders aren't opportunistic traders. Most shareholders have a sense of decency.

As quinmon has mentioned, the trust is no longer there. That's the first rule of business, as Trojan appear to have belatedly found out.

Speaking of lawyers, it's my understanding that Trojan's lawyers couldn't even count to ten - literally - when they attempted to apply for winding-up of the company two years ago. I could be wrong, but that's how I remember seeing it at the time.

So there are lawyers, and then there are lawyers.

There are also legal definitions, case histories and precedents that the courts go by. The legal case (and there are a number being planned right now) is strongly in favour of the shareholders.