UBNK should be selling withing the next month. I'm kinda perplexed why this dela hasn't been delayed or pulled. It's a large deal in a choppy choppy market. They still have a much capital from first step. Beyond management enrichment, what am I missing?
Of course it is all about management enrichment. Check out the new rules from incorporating in Maryland. Also all of the Employee stock is converted at the highest level while everyone else is converted somewhere in the midrange depending on valuation of company. What a joke, I'm out of this pig.
I just received the prospectus today. And you are correct that proposals 3B, 3C and 3D are all anti-takeover devices that are favorable to management but likely have a negative effect on stock price. But where do you see the part about management shares being converted at a higher ration? What page. That strikes me at first blush as beyond outrageous.