I suspect that it is not necessary for Rusoro to obtain 66 %. That figure is probably on the advice of lawyers so that it would easily fly in a court of law. The purpose is to make it easy for Rusoro to stamp their foot and say to Doug and the directors of Gold Reserve 'You no longer speak for the company with us holding a predominant majority. What we say goes and you go out."

A technical majority of 50.1% is probably what is needed. Obtaining that but not 66% means that they will use the courts to impose their will. The shoe being on their foot instead of Doug's.

And should they not get a technical majority then at least 40% is needed for them to pursue the take-over by a time extension to the offer with a possible sweetener at the end to the few hold outs that are needed to get that technicality, noting that the easy shares have already been aquired.

Should they get only a third, it is time to call it quits or make a major improvement to
the offer. 4 for 1 or keep part of the cash?

Anything below 25% is a TKO and time to go home and lick the wounds.