That sounds a bit more palatable.  It would mean that any attempt to defeat an unsolicited takeover could cause each board member quite suddenly have to come up with a lot of cash to purchase shares (depending upon the size of the offer).  I wonder how many would have the means to do that, or would even care to?  I see no indication requiring a 100 percent participation. 

In other words, a hostile takeover may not be quite as impossible as some of us may have imagined.  I guess it depends on the value of the offer and how many board members actually buy shares to defeat it.  Then, too, a very seriously motivated buyer could not be stopped anyway, only slowed down.

Thanks for your help.  I'm feeling slightly less sick to the stomach now. 

VP