Great post hog, I beleive this is the way it works, but still not certain in my mind. I am in the process of taking the interpretation a step further by trying to get an explanation in laymans terms from someone who fully understands the concept. I have been in a couple companies before that have been taken out, BUT, because of the plan, the aquirer presented a permitted bid. We did not have to get into the technicalities of the design of the plan, in other words, the plan worked. The over all objective of a plan is to discourage the unfair attempts that COULD be made to take over a company. Just got a call from murry, and he is trying to get an answer on exactly how the $50 thing works before we vote online.