I wonder what you guys think about the Company's troubling disclosure in their 14A:
"HNH further expressed concern about the Company’s business performance and prospects, purporting to justify its decision to withdraw its prior proposals based on changes in the Company’s financial position, results and prospects since its original September proposal."
It sounds to me that since September the numbers have dropped off a cliff. Isn't "changing financial position" the code word for "we wasted away the cash" and "changes in . . . . results and prospects" a code word for "revenues and profitability way down"?
I am guessing that the Company has been purposely delaying the disclosure of its financials while hoping for some miracle deal that's not forthcoming. Its the same old game of saving face, but it seems now that the chickens are coming home to roost.
I read the preliminary proxy statement as well, and the part you quoted came out of a rather long section updating the various proposals of outside entities, Clinton, HNH & Peerless. My take is that the company is expecting a proxy fight as evidenced in this statement:
Clinton, HNH and Peerless have each stated that it may propose its own Director nominees for election at the 2012 Meeting. If any of Clinton, HNH or Peerless does in fact nominate candidates for election to the Board, the number of nominees for election as Directors at the 2012 Meeting will exceed the number of Directors to be elected at the 2012 Meeting. The two nominees standing for election who receive the greatest number of votes cast at the 2012 Meeting will be elected as Directors.