At 51% they can control the company but need to get to 90% to...

At 51% they can control the company but need to get to 90% to deregister it (ie put it into TTY) thats what happened with IBR anyway. In that case some shareholders held out for more than IBR's takeover bidder offered and got a higher price, eventually IBR at 90% was delisted. The problem for those that held out was liquidity in the stock dried up as there were few big buyers over the takeover companys offer price, so only small lots could be sold.

There is still a window for a white knight to come in but admitedly the window is getting a little narrow and all the white knights out there are having their own castels to put in order as the market tanks.