Charlie Logan

[Charlie Logan @Charlie91358059]

@jasonhuang1983 @TimyanBankAlert I also think you’re underestimating the tax aspects. 3/4 of the major holders here are individuals, not funds. They are all sitting on huge cap gains. If one flips, deal is dead. We shall see

[Charlie Logan @Charlie91358059]

@jasonhuang1983 @TimyanBankAlert Friendly $1 Twitter bet. They adjourn again. They still don’t have the votes. I think this because they haven’t disclosed the new bid or mgmts response. Could they really do that Monday and have the deadline to vote same day?

[Charlie Logan @Charlie91358059]

@jasonhuang1983 @TimyanBankAlert I expect we will see vote postponed again since they haven’t even amended proxy yet with board receipt and rejection of 4th offer from 10/8

[Charlie Logan @Charlie91358059]

@jasonhuang1983 @TimyanBankAlert I’d also be curious how you’re modeling future lending in the combined business, M&F basically sitting on the ECIP cash.

Good discussion regardless. Hope we can agree that board should be able to use this leverage to do better than they did when only one buyer at table

[Charlie Logan @Charlie91358059]

@jasonhuang1983 @TimyanBankAlert A majority of shareholders voted down the deal. Why do you think you won’t get full prorata on the option to take more guaranteed cash?

[Charlie Logan @Charlie91358059]

@jasonhuang1983 @TimyanBankAlert In Optus bid there is no choice, M&F shareholders get cashed out, pay taxes now and get none of value created in new entity

[Charlie Logan @Charlie91358059]

@jasonhuang1983 @TimyanBankAlert What’s your expectation of % of shareholders that choose cash?

[Charlie Logan @Charlie91358059]

@jasonhuang1983 @Ron284Ron Their fiduciary responsibility is to engage with Party A if there is a possibility it will lead to a superior offer. They have made 3 offers. Why wouldn’t a board that was trying to maximize return counter?

[Charlie Logan @Charlie91358059]

@jasonhuang1983 @Ron284Ron Why has management never properly shopped or been able to use a very motivated Party A to get Optus to increase its bid?

[Charlie Logan @Charlie91358059]

@ChrisDeMuthJr @StephenGustin Shareholder voted this down once. Hope others look closely at what mgmt is trying to do here.

[Charlie Logan @Charlie91358059]

@roojoo3 @fleximan2222 Agree on all above. Also have concerns about employee and management comp. Last deck shows a huge amount of NI going to mgmt and employees and less clear what’s left for shareholders

[Charlie Logan @Charlie91358059]

@TimyanBankAlert Who is Party A?!

[Charlie Logan @Charlie91358059]

@StephenGustin Who is Party A?!

[Charlie Logan @Charlie91358059]

@Ron284Ron Translation: M&F continues to do everything they can to protect Sills future job.

[Charlie Logan @Charlie91358059]

@310Value Appreciate the perspective, will look closer

[Charlie Logan @Charlie91358059]

@310Value Interesting, thanks for sharing. Why are margins so low if is single source. Why don’t they have more pricing power?

[Charlie Logan @Charlie91358059]

@ChrisDeMuthJr @StephenGustin Sills becomes CEO of combined entity and the cash offer means taxable now to existing shareholders and no participation in future upside.