I know we're worth a lot more than $0.50. But I'd rather take the $0.50 offer than the WTG paper, and I'm sure most other minority shareholders feel the same way.

It would obviously be a steal for the White Knight at that price (and the cost of making the bid is low), so there's certainly a huge incentive for one to "step up". With proper management and access to capital, CMM is easily worth $500mm; not $120mm as it is now. CMM's troubles with ramp-up and liquidity has nothing to do with bad assets, and everything to do with poor management (and wrong incentives). A sophisticated strategic acquiror would obviously see through that.

It gets better. The low ball offer would put the BoD and Special Committee in a really bad spot. How can you recommend rejecting the $0.50 offer, when your share price ($0.225) tells you that your shareholders hate the current deal? Your financial advisers can barely put a value on White Tiger's shares... it would be a major violation of fiduciary duties if they recommended WTG's offer over a White Knight bid of $0.50. This would put them in a really tough spot. On one hand, they need to follow orders from their boss (Max Finskiy); on the other hand, they will be hard pressed to explain why the current WTG offer is better than a $0.50 cash bid.

Justice would be served. If left without the influence of Finskiy, I find it hard to believe that CMM would now trade at such a low price of $120mm. Most minority shareholders believe that the poor operational results were part of the plan to scare shareholders into voting yes. It's hard to argue against this thought given what management has done with our reserves and resources. Wouldn't it be great if his plan backfires on him and he gets CMM stolen from him at a bargain basement price of $0.50? That would be some sick Karma!

Remember, it doesn't cost much for a White Knight to throw in a low ball bid. If it succeeds, great! If it gets rejected, at least they tried to do something noble... to save a Canadian company from being swallowed up for pennies on the dollar.