Notster,
I'm not a lawyer so take this with a grain of salt. The Management of Not wants to win this bid and Management of FWR doesn't want them to. Right now we don't know how the shareholders of FWR will vote/tender. What we do know is that NOT will use every tool it has to has to win and FWR will use whatever it has to defeat the bid.
I suspect that NOT has tossed out the 'discrepancies' comment to keep FWR occupied and sew doubt about FWR. I suspect that in the coming weeks NOT will bring out everything it thinks will benefit them as FWR will do for itself. Maybe if NOT gets close enough to getting the 66 2/3 they will file for an injunction to prevent FWR from using there share holders right's plan but that is just a guess.
As to have I seen this before. Not with a rights protection plan but I've seen agreements voided where the partner sent a cheque via mail instead of a 'bank draft delivered by hand' as stated in the agreement. Similarly I've seen agreements grossly violated but upheld.
So right now we are seeing lots of distractions from both companies. What I would like to see are the assays from both companies so that people can make INFORMED decisions about their investments.
After all, other than the options that management have given themselves most of these managers (and BOD) have very little to none of their own cash invested in the companies and we do. With Neil Novak and John Harvey out of the picture (no longer listed as management) at NOT no one owns more than 200K shares. At FWR Mac owns ~1.4 million shares and a couple of directors own 300K shares. The bulk of both companies management and BOD have the significant portion of their holdings as company granted options. Hopefully the management and BOD of both companies are doing what is right for their shareholders vs themselves.
... Been There (I hold both NOT and FWR)
