when they could just buy the whole company for $65M

Notwithstanding the fact that any offer would have to be acceptable to the BoD, I humbly suggest a review of the "Master Agreement" concerning "change of control".

If you believe that the shares could be purchased on the open market, so as to effectively gain control, I would merely refer you to the conditions under which S&L had to operate.

Finally, it is difficult to imagine that share purchases to that magnitude would not also push the price significantly higher.

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Be well