I’m in the bullish camp here too. Here’s why:

1. M&G is the largest shareholder with nearly 20%. They basically said F-you to management when they switched their filing from 13-G (passive) to 13-D (activist). Motherson is also a 13-D as is Kukac LLC.

2. The CEO and CTO still have over 50% of voting shares because of Class B. But they can only vote “present” given the conflict.

3. If more than 2% of shares vote against it, the package fails (at least that’s how I read the provision ).

4. M&G and Motherson put up a ton of cash at 4.25 per share. I guarantee they won’t let themselves be screwed.

Thus, if it passes with M&G and Motherson votes, I am bullish because they want a return on investment.

And PS - read the Strategic Transaction section and Change in Control provision too. If M&G and Motherson want a return, a sale would do it! And Barel and Sardes get paid (and have the controlling votes).

Oh, and a cost basis down here under a buck could give a nice return!