The MLNK proxy card is white, the HNH is gold (OK, not a rainbow color), the Clinton is yellow, and the Peerless is blue.
MLNK holders should read all the proxies to get a feel for some of the behind the scenes activity and proposals of each of these players. As several here have stated, HNH offered a deal to buy a block of MLNK shares @ $5, then changed that offer. The Clinton proposal was a bit more complicated. In essence, it looks as if they wanted MLNK to sell most of their present business and get into a business that utilized their deferred tax assets. That plan was later modified. As far as I can see, Peerless' plan is to appoint their nominees to the board of directors.
The background is a good deal more complicated than I can summarize here, so be sure to do your own DD. It is my belief that IF the company can execute on its proposed Tech for Less sale, cut expenses, find new execs, and utilize the NOLs, the share price should benefit. Now that the uncertainty of the restatements is out of the way, I would think the pps should better reflect the company's value, but that is not evidenced by today's trading. There has been a noticeable pickup in volume though.
I like HNH I have owned that name for a while and management has done well...they have some profitable businesses...There is some negative feelings about them but they know their stuff.
I think the big boys knew the score on this deal because given the magitude of the release we are just above average in volume..my take is that smaller players were still hoping for a buyout ...and do not want to wait so we have some selling but there is good support in the range 2.96 to 2.99.
I thought the share price would go up as well,perhaps waiting for the news conference today at 5 to see what they say? I am sure, the price will eventually go up even though their cash position has shrank quite a bit.