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The plot thickens (Meade takeover)

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#1976 EddWen

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Posted 16 August 2013 - 11:59 PM

Correct.


So, you get to vote, but no matter how you vote, if the sale carries the day, you must sell or your shares are cancelled? Do I understand that correctly?

-Rich


 

#1977 ur7x

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Posted 17 August 2013 - 08:42 AM

No, that does not work. If you own shares and do not sell them to Ningbo, the shares are cancelled, per the merger agreement.


Those two items kind of go hand in glove. If the shareholders think that Meade has a future and will make whack of money in the future then they shouldn't sell.

If they think Meade is done, then they should get out while the getting is good.


But the merger can only happen if a majority of the shareholders agree? No?

I mean I don't think it would happen, but if a majority of the shareholders wake up tomorrow and think that Meade is worth $5.00 per share, the deal dies and they retain their shares, and (at least in theory) control over Meade. So if a majority vote no, they retain their shares... Of course as you point out, if a majority vote yes, it doesn't matter if you voted no, you are going to get the 4.50 regardless of what you think they are worth.

 

#1978 Spacetravelerx

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Posted 17 August 2013 - 09:12 AM

No, that does not work. If you own shares and do not sell them to Ningbo, the shares are cancelled, per the merger agreement.


Those two items kind of go hand in glove. If the shareholders think that Meade has a future and will make whack of money in the future then they shouldn't sell.

If they think Meade is done, then they should get out while the getting is good.


But the merger can only happen if a majority of the shareholders agree? No?

I mean I don't think it would happen, but if a majority of the shareholders wake up tomorrow and think that Meade is worth $5.00 per share, the deal dies and they retain their shares, and (at least in theory) control over Meade. So if a majority vote no, they retain their shares... Of course as you point out, if a majority vote yes, it doesn't matter if you voted no, you are going to get the 4.50 regardless of what you think they are worth.



If the majority votes no the deal will not happen.

Also per Schedule 14A there are conditions related to "antitrust" matters, laws and issues. This is covered heavily in schedule 14A. This will either delay or stop the merger. The U.S. government is aware of the merger and what is going on. We will see what they decide. They have one big vote...
 

#1979 cn register 5

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Posted 17 August 2013 - 09:14 AM

My guess is that this is a no-brainer. It's pretty obvious that no one else is interested, except possibly JOC at a considerably reduced price. If less than 50% of the shareholders vote yes then Meade will probably become bankrupt because Sunny will want their loan back. Then the shareholders will probably get nothing.

The proxy document goes to great lengths to say that not voting is a no vote, it says so many times.

Would the US government block the deal when the outcome would be essentially forcing the company into bankruptcy? Do they have form on that?

Chris
 

#1980 Starhawk

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Posted 17 August 2013 - 09:22 AM

And you have no other recourse than a lawsuit, I suppose, but it isn't obvious there's anyone to get anything from.

I keep thinking the JOC valuation is ki d of the key to all of this- that was the price based on a Meade looking like a high end vendor afterwards. The Ningbo Sunny offer is quite different. So, as this is set up, does it imply everyone else at Meade loses their job, or just the executive management? I'm trying to figure out what the continuity is.

Folks here had been hearing JOC had specific, positive plans for current Meade products like the LX80, which they had heard would get addressed. But as for now, I'm not sure if this is like the Celestron sale or if it's more like Polaroid (only the name has continued).

-Rich
 

#1981 EddWen

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Posted 17 August 2013 - 11:25 AM

@ Chris Correct. Approval of the merger needs 50+% affirmative votes. And you are also right that a NO vote is very unlikely. Absence of a vote is considered a NO vote. Somewhere I saw that Meade was aware of ~90 shareholders of record, counting the +5%ers. I’m sure they will all get the word.

@ Andrew The FTC review mention is part of the “boilerplate”. You will find it in every merger agreement, just as a matter of course.

FTC usually only considers deals exceeding $50M. And usually not that low. Regardless, I can’t think why FTC would be concerned about it. We’re talking about a merger between a company based, and selling products in the U.S. and a Chinese company that does not compete with the Meade product line.

BTW, what is Bar Rescue?

@ Rich Meade is a Delaware corporation. Shareholders can delay proceedings by applying for a review of the deal for “appraisal rights”. What would you do if you were a shareholder? Take the money and run, of course.

And, as I said before, there will be very little, if any, information about what happens to Meade infrastructure if the deal is done. But, as a hypothetical, if you just bought a company that was losing >$3.5M per year selling $12M worth of product, would you continue those operations?
 

#1982 Spacetravelerx

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Posted 17 August 2013 - 12:11 PM

@ Chris Correct. Approval of the merger needs 50+% affirmative votes. And you are also right that a NO vote is very unlikely. Absence of a vote is considered a NO vote. Somewhere I saw that Meade was aware of ~90 shareholders of record, counting the +5%ers. I’m sure they will all get the word.

@ Andrew The FTC review mention is part of the “boilerplate”. You will find it in every merger agreement, just as a matter of course.

FTC usually only considers deals exceeding $50M. And usually not that low. Regardless, I can’t think why FTC would be concerned about it. We’re talking about a merger between a company based, and selling products in the U.S. and a Chinese company that does not compete with the Meade product line.

BTW, what is Bar Rescue?

@ Rich Meade is a Delaware corporation. Shareholders can delay proceedings by applying for a review of the deal for “appraisal rights”. What would you do if you were a shareholder? Take the money and run, of course.

And, as I said before, there will be very little, if any, information about what happens to Meade infrastructure if the deal is done. But, as a hypothetical, if you just bought a company that was losing >$3.5M per year selling $12M worth of product, would you continue those operations?



Yes, the FTC review is "boilerplate", however if you notice there is a loan structure in place if there is a review related to Anti-trust. It is my understanding the FTC is fully aware of the situation. Though this deal is under $50M, they may take action, however I cannot speak for the U.S. Government. Having worked with various federal agencies for 20+ years who knows what will happen. My guess is the chances are greater then 0%. Either way, we will find out before the merger vote takes place. We could learn about it on Monday or in early September.

"Bar Rescue" is a show on Spike TV. My kids turned me on to it. A bar expert, Jon Taffer, takes a dying bar that is losing mass quantities of money and completely turns it around - people, resources, the bar, finances, everything. Kind of a tough love deal, but with the idea of cleaning shop and making a profit. I am not a bar person, nor do I drink at all, however as a businessman and entrepreneur I am very impressed with this show and there is a lot to learn. Watch an episode or two - when I say I would go "Bar Rescue" on Meade you will see what I mean. http://www.spike.com/shows/bar-rescue

BTW, being privately held vs publicly held will be a massive cost savings right there for Meade. If you just read Schedule 14A and all the legal work, there is a massive expense right there. The cost to operate Meade will drop once it is privately held. Also, I would move them out of California - the place is too expensive to do business in (I have dealt with this for a while). Turn up the sales of Meade products and you will have a profit. I certainly could do it; many others could. I had a 200-300 people looking through a PST on Thursday at the Small Satellite Conference. Typical comments were "Oh my God", "Wow", "Amazing", and gasps. I am pretty certain Meade would have sold a few on the spot, and I bet Meade will get some calls next week.

If Sunny purchases them, and can't make a profit, then I guess they have issues themselves.

Side note, it is amazing the PST, Coronado, Lunt, et. al. only look at one thing, the Sun, and yet, I am convinced in many ways Solar Telescopes get the most exciting reaction, next to Saturn and then Jupiter. I think my PST now gets the heaviest usage. I am looking forward to the next test run on the 90mm Coronado SolarMax II early next month. I might close the deal at that time.
 

#1983 Whichwayisnorth

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Posted 17 August 2013 - 01:03 PM

Are people disregarding the obvious Synta-Sunny relationship?
Sunny's high offer does 3 things: 1) It shuts out JOC who would be a probable competitor to Synta. 2) If they end up winning Meade, they can do whatever they want with it including selling it to Synta in part or whole. 3) If the deal falls through and Meade goes bankrupt, Synta loses that competitor anyways. Win-Win-Win.

I am hearing whispers and prayers that the deal is under scrutiny by the feds and that JOC's lawyers have presented compelling evidence that Synta-Sunny are plotting this. The question is, as has already been mentioned several times, is the nickle and dime merger worth the feds time? For those like myself who still hope for a JOC-Meade merger, all we can do is hope so.

*crosses fingers and toes*
 

#1984 csrlice12

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Posted 17 August 2013 - 01:11 PM

At these dollar amounts.....don't waste your time with it..the governmenthas bigger dollar problems to deal with. This is like fuzzballs in your pocket...less than pocket change.
 

#1985 Spacetravelerx

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Posted 17 August 2013 - 01:23 PM

At these dollar amounts.....don't waste your time with it..the governmenthas bigger dollar problems to deal with. This is like fuzzballs in your pocket...less than pocket change.


Then again, you never know with the government. I have seen them many times deal with things that seem small to others.

My guess is all the key players are making appropriate plans. If you read Schedule 14A you can tell there was quite a bit of action behind the scenes that was not spoken about on this message board. I would venture to guess no one in relation to this merger and Meade's financial issues are sitting on their hands right now.
 

#1986 Starhawk

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Posted 17 August 2013 - 03:18 PM

In this case, things have changed since the government intervened to stop Meade from buying Celestron. There is no US manufacturing competency or competition left to save, here. We're basically talking about some office space in CA changing hands, and no one has US based manufacturing capacity. Maybe someone will let themselves get spun up over IP, but I tend to doubt that's really compelling.

In the meantime, the Synta Evil Plan story JOC/ ES is putting out seems largely pointless to me. Someone has to change things drastically with Meade to turn it into a viable threat to Synta at this point. Anyone able to do that doesn't need the brand name.

-Rich
 

#1987 Whichwayisnorth

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Posted 17 August 2013 - 03:39 PM

In this case, things have changed since the government intervened to stop Meade from buying Celestron. There is no US manufacturing competency or competition left to save, here. We're basically talking about some office space in CA changing hands, and no one has US based manufacturing capacity. Maybe someone will let themselves get spun up over IP, but I tend to doubt that's really compelling.

In the meantime, the Synta Evil Plan story JOC/ ES is putting out seems largely pointless to me. Someone has to change things drastically with Meade to turn it into a viable threat to Synta at this point. Anyone able to do that doesn't need the brand name.

-Rich



Wasn't there a time when Apple computer wasn't worth a second glance? I recall that they tried to get IBM to buy Apple and Sun Microsystems nearly ended up with Apple. If there is any chance at all of a Meade recovery that can only hurt Synta and the best chance Meade has/had to recover is if JOC bought it and put Scott in charge. We are not talking about a sure thing here. Just a better chance.

Synta's plan isn't evil, it is actually a brilliant plan and the only way I think we'll end up getting hurt is lack of competition and higher prices. At least until someone else steps up. The only reason any of this matters to me is I have a ten thousand dollar telescope system with a Meade logo on it and no way of knowing if I'll have product support.
 

#1988 Starhawk

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Posted 17 August 2013 - 04:09 PM

In the Apple case, there were hundreds of billions of dollars waiting to be made in the computer industry. There's a big surprise in store for all of us if telescopes suddenly end up on that track.

Here, the "Lack of competition" is only possible if SCTs are the only product in question, and the large range of alternatives somehow doesn't matter. The range of SCT alternatives is quite different from when Meade got into them in 1980. As for your new Meade gear, the best outcome seemed to be the JOC takeover. There doesn't seem to be any obvious interest in that area from Ningbo Sunny.

-Rich
 

#1989 Whichwayisnorth

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Posted 17 August 2013 - 05:23 PM

In the Apple case, there were hundreds of billions of dollars waiting to be made in the computer industry.


My point was that if you have the opportunity to take out a competitor you don't pass up the chance. Even if you have to spend a little.
 

#1990 Starhawk

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Posted 17 August 2013 - 06:43 PM

in that case, everyone Meade has claimed to be competing with over the years from Astro-Physics to William Optics should have been in on trying to buy Meade to kill it off.

-Rich
 

#1991 rmollise

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Posted 18 August 2013 - 06:58 AM

How in pea-turkey was AP going to buy the Meade of the mid 90s? ;)
 

#1992 Starhawk

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Posted 18 August 2013 - 09:59 AM

Heh- no- after John Diebel said he was going to run AP out of business with ED scopes, Whichwayisnorth's comment about always burying a competitor if you ever got the chance would indicate even AP should be trying to buy Meade to shut it down.

Of course, I have to wonder who and all was on the list of 50 potential bidders Meade advertised the sale to.

-Rich
 

#1993 will w

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Posted 18 August 2013 - 10:13 AM

what i would like to know is. if your company is losing money.then WHY does the top dogs in the company get a bonus??the management and the economy has led to meades down fall.i know there hast to be a better way to run a company than the way meade has ben run in the last 10 years.i hope who ever buys out meade will do a lot better job with the company than it has ben done in the last 10 years. oh, and yes all my astro stuff is meade.
 

#1994 EddWen

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Posted 18 August 2013 - 10:58 AM

I'm posting this here in response to a Mods post on the LX600 thread.

I agree with Rod. Providing a cautionary warning to anyone asking for advice about buying a relatively costly product from Meade seems appropriate.

There is a lot of speculation here and elsewhere about the future of Meade.

Here are some factual data. They come directly from Meade, through vetted sources, and are not internet musings, speculation, rumors or whispers.

**************************************************
Meade Sales for FY2013 (12 months ended Feb 28, 2013)

Sales-----------------------$17.43M
Operating Profit----------($3.89M)
Net Income----------------($3.61M)

Monthly loss---------------($300,833)

Forecast Meade Sales for FY2014 (12 months ending Feb 28, 2014)

Sales-----------------------$11.79M
Operating Profit----------($3.12M)
Net Income----------------($3.18M)

Monthly loss---------------($265,000)

As of May 31 2013 Meade had $104,000 Cash.
*************************************************

Viable companies cannot operate continuously at a loss. If Meade is paying bills right now, the checks are written against a $500,000 loan from Sunny Group. Those funds won't last long.

Andrew seems to think JOC will jump back in the game if the Sunny deal fails. I seriously doubt it. JOC had their opportunity before and after due diligence decided to not do a deal. They are certainly not going to jump in now when buying Meade will require a termination fee from Meade to Sunny of $325,000 plus repayment of $750,000 in loans from Sunny to Meade.
 

#1995 Spacetravelerx

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Posted 18 August 2013 - 11:14 AM

I'm posting this here in response to a Mods post on the LX600 thread.

I agree with Rod. Providing a cautionary warning to anyone asking for advice about buying a relatively costly product from Meade seems appropriate.

There is a lot of speculation here and elsewhere about the future of Meade.

Here are some factual data. They come directly from Meade, through vetted sources, and are not internet musings, speculation, rumors or whispers.

**************************************************
Meade Sales for FY2013 (12 months ended Feb 28, 2013)

Sales-----------------------$17.43M
Operating Profit----------($3.89M)
Net Income----------------($3.61M)

Monthly loss---------------($300,833)

Forecast Meade Sales for FY2014 (12 months ending Feb 28, 2014)

Sales-----------------------$11.79M
Operating Profit----------($3.12M)
Net Income----------------($3.18M)

Monthly loss---------------($265,000)

As of May 31 2013 Meade had $104,000 Cash.
*************************************************

Viable companies cannot operate continuously at a loss. If Meade is paying bills right now, the checks are written against a $500,000 loan from Sunny Group. Those funds won't last long.

Andrew seems to think JOC will jump back in the game if the Sunny deal fails. I seriously doubt it. JOC had their opportunity before and after due diligence decided to not do a deal. They are certainly not going to jump in now when buying Meade will require a termination fee from Meade to Sunny of $325,000 plus repayment of $750,000 in loans from Sunny to Meade.



Well there are always options based on my business experience.

* One is the Sunny purchase happens and then who knows what is next (more speculation and conjecture).
* Another is the FTC blocks the deal and Meade completely disappears, which many seem to favor.
* Another is the FTC blocks the deal and Meade goes bankrupt, and someone purchases Meade for a great deal - and doesn't have the old debt. Yep, Sunny is out of some money - the loans don't get repaid nor does the fee.
* Another is JOC jumps into the fray again.
* Another is...

It is important not to think in binary only.

And as we can tell from Schedule 14A, the comments from this board were a bit out of sync from reality.

From my perspective Meade is an easy fix.

Edited by kkokkolis
 

#1996 Starhawk

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Posted 18 August 2013 - 11:33 AM

OK, so I don't expect that post to survive the next Mod sweep. But I am wondering- what's this about the Schedule 14 he's talking about?

-Rich
 

#1997 EddWen

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Posted 18 August 2013 - 12:54 PM

http://www.sec.gov/A.../d543435ddef...
 

#1998 Starhawk

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Posted 18 August 2013 - 01:36 PM

Yes... So is there something obvious to STX which translates as a golden land of opportunity and adventure in the offing I'm missing?

It's got the background on how to vote, what the vote means, and what it's worth. If you bought in to Meade back when it was a going concern, we're talking pennies on the dollar. It's quite clear about them being an additional $750k in hock to Ningbo Sunny. I'm not sure what looks so easy about this compared, say, to setting up a company from scratch.

The history of the bidding for the company sounds like trying to swim in quicksand, as apparently good deals fell through as the loss of value of the company was so fast they would drop 25% in value before the transaction could be completed.

The Meade summary of the reasons for a merger seems quite coherent and easy to follow starting on page 30:

"In the course of reaching its determination, the board considered the following substantive factors and potential benefits of the merger, each of which the board believed supported its decision:

•the reduced sales of the Company’s products and deteriorating cash position and the resulting lack of liquidity;

•Meade’s belief that it would be extremely difficult, if not impossible, to raise new equity capital or financing in light of its historical financial operating results, cash flow and prospects;

•Meade’s inability to take advantage of new investment opportunities because of its lack of liquidity and capital;

•management’s assessment of Meade’s very limited prospects for improving cash flow and liquidity and that Meade received a “going concern” qualification in the audit report from its independent auditors with respect to its financial statements for the fiscal year ended February 28, 2013;

•the ongoing and significant administrative costs associated with being an SEC reporting company;

•its belief that the merger was more favorable to the holders of Company common stock than the alternative of remaining a stand-alone, independent company, because of the uncertain returns to such holders if the Company remained independent in light of the Company’s business, operations, financial condition, strategy and prospects, as well as the nature of the industry in which the Company competes, and general industry, market and regulatory conditions, both on an historical and on a prospective basis;

•its belief that the merger was more favorable to holders of Company common stock than the potential value that might result from other strategic alternatives available to the Company—including, among others, the most recent MITC proposal, the JOC Merger Agreement or remaining an independent company—given the potential rewards, risks and uncertainties associated with those alternatives;

•the fact that, prior to entering into the merger agreement, the Company had been engaged in a very competitive process which included soliciting an indication of interest from four other strategic buyers, and approximately 45 other parties which were not interested in proceeding with a transaction;

•its belief that no other alternative reasonably available to the Company and its stockholders would provide greater value to stockholders within a timeframe comparable to that in which the merger could be completed;

•the fact that the merger consideration of $4.50 per share is all cash, so that the transaction allows the holders of Company common stock to realize in the near term a fair value, in cash, for their investment and provides such holders certainty of value for their shares;

•Meade’s historical and current financial performance and results of operations, its prospects and long-term strategy, its competitive position in its industry, the outlook for general economic conditions;

•the historical market prices of Company common stock, including the market price of the Company common stock relative to those of other industry participants and general market indices, and recent trading activity, including the fact that the $4.50 per share merger consideration represented an approximately 23% premium over Meade’s closing stock price on July 16, 2013 (the last business day preceding the date the merger agreement was publicly announced), and an approximately 169% premium over Meade’s closing stock price on May 17, 2013 (the last business day preceding the date the JOC Merger Agreement was publically announced);

•the financial analyses provided by Marshall & Stevens to the board and its oral opinion to the board (which was confirmed in writing by delivery of the written opinion of Marshall & Stevens dated May 16, 2013) with respect to the fairness, from a financial point of view, of the $3.45 per share merger consideration to be received by the holders of shares of Company common stock in the Proposed JOC Merger, as of May 16, 2013, and based upon and subject to the procedures followed, assumptions made, qualifications and limitations on the review undertaken and other matters considered by Marshall & Stevens in preparing its opinion. See “—Opinion of Board’s Valuation Advisor.” In considering the opinion, the board noted that Marshall & Stevens received a fee of $40,000 for providing the fairness opinion with respect to the merger;

•the efforts made by the board and its advisors to negotiate a merger agreement favorable to the Company and its stockholders and the financial and other terms and conditions of the merger agreement;

•the fact that, subject to compliance with the terms and conditions of the merger agreement, the Company is permitted to terminate the merger agreement, prior to the adoption of the merger agreement by our stockholders, in order to approve an alternative transaction proposed by a third party that is a “superior proposal” as defined in the merger agreement, upon the payment to the Buyer of a termination fee of $325,000, and its belief that such termination fee was reasonable in the context of break-up fees that were payable in other transactions and would not impede another party from making a competing proposal. The board believed that these provisions were important in ensuring that the transaction would be fair and the best available to Meade’s unaffiliated stockholders and providing the board with adequate flexibility to explore potential transactions with other parties;

•the ability of the Company to conduct its business operations generally in the ordinary course during the time period between signing the merger agreement and closing;

•the absence of a financing condition to the transaction;

•the fact that under Delaware law, the holders of Company common stock have the right to demand appraisal of their shares. See “Appraisal Rights” beginning on page 67; and

•the fact that the voting agreement with the executive officers does not represent an obligation to vote a number of shares that would forestall a vote of our stockholders.

The board was aware of and also considered, among others, the following adverse factors associated with the merger:

•that the public holders of Company common stock will have no ongoing equity participation in the surviving corporation following the merger and will cease to participate in Meade’s future earnings or growth, or to benefit from any increases in the value of Meade’s stock;

•that if the merger is not completed, Meade will be required to pay its fees associated with the transaction;

•the limitations on Meade’s ability to solicit or engage in discussions or negotiations with a third party regarding specified transactions involving Meade and the requirement that Meade pay the Buyer a termination fee equal to $325,000 in order for the board to accept a superior proposal, and also the requirement to repay the $250,000 borrowed from the Buyer on the board’s acceptance of a superior proposal;

•that if the merger is not completed, Meade may be adversely affected due to potential disruptions in its operations, including the diversion of management and employee attention, potential employee attrition and the potential effect on Meade’s business and its business relationships;

•that Meade’s business operations will be restricted prior to the completion of the merger;

•the merger consideration received by U.S. persons who are holders of Meade common stock will be taxable for federal income tax purposes; and

•some of Meade’s directors and executive officers may have interests in the merger that are different from, or in addition to, Meade’s stockholders."

None of that appears to contradict what's been said on about the Meade financial position, the prospects for the company, or is based on brand bashing- it was written by Meade, after all. So I am really at a loss as to what Andrew is inferring.

-Rich
 

#1999 csrlice12

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Posted 18 August 2013 - 01:42 PM

It's also possible Meade will wheel and deal its way all the way to bankruptsy in trying to get that last penny....
 

#2000 EddWen

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Posted 18 August 2013 - 02:21 PM

Please re-read my posts. None are out-of-sync with the occurrences described in the "Background of the Merger". The only thing I noted as unusual was the MITC offer increased to $4.50/share.

In my opinion:

* The Ningbo deal is highly likely to occur, although the offering price might be reduced somewhat. If you read further into the 14A you will note that the Officers and Directors have already signed an agreement to vote their shares (18.08%) in favor of the Merger. The other 4 principal shareholders will undoubtedly vote in favor. The combined shares would be 47.7% of outstanding shares. 50%+ is needed to complete the deal.

And you are correct, no one knows what Ningbo's plans are, and I have clearly said so. I have suggested that new owners will take a close look at where losses can be eliminated and where there profits to be made. For the last year, and currently, "Advanced Products" have lost big money.

* You mention the FTC twice, without presenting a reason as to why there would be an intervention. Since you previously stated the possibility was greater than 0%, I'll put it at 1%.

* You note the possibility of bankruptcy. This a complex process, where decisions are made by a Judge in bankruptcy proceedings. There may, or may not be, an opportunity for a single entity to buy the remaining assets.

* JOC to the rescue. You should re-read the time-line in the 14A regarding JOC/Meade and put it in perspective. JOC had ample time to do due diligence. They did so, and decided to not do a deal at the initial price. They also decided not to do a deal at a higher price. So now, they would do what?

* Another is......vaporware.

* Meade is an easy fix. Good, I have suggested that if you have a good business plan, it should be easy for you to get the financing and jump in.

I do not want Meade to fail, and, in my opinion, neither do most of the posters here. But, sometimes facts must be recognized.

Well there are always options based on my business experience.

* One is the Sunny purchase happens and then who knows what is next (more speculation and conjecture).
* Another is the FTC blocks the deal and Meade completely disappears, which many seem to favor.
* Another is the FTC blocks the deal and Meade goes bankrupt, and someone purchases Meade for a great deal - and doesn't have the old debt. Yep, Sunny is out of some money - the loans don't get repaid nor does the fee.
* Another is JOC jumps into the fray again.
* Another is...

It is important not to think in binary only.

And as we can tell from Schedule 14A, the comments from this board were a bit out of sync from reality.

From my perspective Meade is an easy fix.

...I am going hiking here in Moab, visit 4 states and finally back home in New Mexico. Have fun y'all!


 


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