I did a stint in M&A a few years ago for a company that had a business model where we acquired one small company or another every month, sometimes in our space, sometimes not. The easiest companies to acquire were the single shareholder private companies. Make a deal, own the company. The second easiest companies to acquire were small public companies, because small public companies always have bad bad bad shareholder bases. Go to the base, make them a terrible deal, and own the company because they want out and have come to hate everybody associated with the small company. Psychologists would say that these people probably hate themselves and then transfer that hate on to management. Nonetheless that's how it works and that's how it might work here. Mr. Berman did a year in M&A earlier in his career. Do not be surprised if he does some things that make no sense to small shareholders. He will be protecting his legacy and when doing so will be protecting the legacies of people who have never met or spoken to him, but hate him all the same.
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