I read that too. I believe the board should start negotiating with Sterne. I believe they could get up to 10/sh at the end of the day. SWS should demand some type of contingency fee if the deal falls through.
The other option of borrowing 100 million at 8% with the lenders having the option to buy warrants at 5.75/sh is highway robbery. If that was the best this management could do then they should be looking to sell the company. To dilute existing shareholder value in order to save their management positions makes absolutely no sense. I have voted against.