I concur with Mark's analysis, obviously a hostile bid will be based on VWAP, which will be unacceptable to PSU - PSU was formed to back mgmt in the event of a T/O attempt, but that doesn't preclude PSU from coming out against an offer if mgmt sits on their hands for a week after an offer is made, after all, isn't that why PSU was formed, ie to backstop shareholder equity?