That company had 25 or more quarters of record earnings and profits. The bondholders, with management's help, forced it into bankruptcy and stole it from the shareholders. Open next day for business like nothing happened.
As much as I dislike this deal, I'm beginning to think its our only alternative to being wiped out unless a white knight comes along.
Did you read the same proxy that I did? It was absolutely horrible. Did you read the part about PZN will show a loss for 2000? Did you read the part about the investors receive 18% cash dividends if PZN is late with any of their 12% cash dividends? The part that the investors conversion price could be adjusted downward if litigation expenses are greater than $50 M. The part that Merrill Lynch contacted over 40 investor groups and this was the best offer.