Notwithstanding the "belts & buckles" type clauses in the 85 page Scheme of Arrangement document, which Tremont (& our Board!!) has locked up as tight as one can get, it would look very damning (or suspicious) indeed if an outside bid - for considerably more than .33c - was made to shareholders and it wasn't considered.
The exclusivity & no talk clauses prevent the Board from soliciting (in any form whatsoever) bids from other parties. But - if the Board were fulfilling their obligation to act in the interests of all shareholders - and they happened to receive an unsolicited bid for say, .50c per share, why can't (wouldn't?) they recommend that? The Board and the other "insiders" are holding 45% between themselves.......