Alright — I promised more, about this filing from yesterday afternoon — and here it is. Yes, the end game is officially… on.
I ask you: what sense does it make, to pay a 5% commission (of perhaps as much as $1.2 to $2.5 million, for a couple months’ worth of work — at the outside), to this clearly very able court-appointed receiver (a fine former US Attorney in the same District where Martin was convicted of felonies, and sentenced, BTW — he handled the so-called “Wolf of Wall Street” / Belfort testimony)… when no matter what happens now, Martin WILL lose control? Answer: No sense, at all.
The 5% commission will be purely extra costs, in the transaction(s) — nominally payable out of Martin’s shares, simply because he won’t accept… the inevitable.
The shareholders who voted about ten days ago, as a part of Martin’s 70 per cent block, ought to just cut a deal, directly with Mulleady — and do it all by a settlement agreement. That way, the other shareholders of Phoenixus AG preserve more value in the company, overall — and likely can work out a governance arrangement with the Mulleady team, that essentially ends Martin’s role… all while keeping the company as a going concern for those same shareholders.
The OTHER (forced) route — via the cram down / Daniel R. Alonzo / receiver — is that Mulleady gets the shares anyway, but millions of dollars are wasted, fighting this receiver process — and the company may well be bankrupted — before the other shareholders are able to sell THEIR own stakes.
The question is: why would the other shareholders waste their money — into the millions of dollars… trying to prevent the… inevitable?
Martin’s view cannot be executed, any longer, now — so better to strike a deal and salvage what is left of the value in the company, for themselves.
Forget Martin — he’d long ago become a burnt offering in this process (by his own unenlightened decision-making).
Onward, grinning — ever… grinning. Great night under the stars, with Dvořák‘s “New World” / Ninth Symphony — last night, in the park.