I agree with you both that the outcome has not come close to our expectations and even further from our dreams, but I am not sure that the ultimate problem lies with the regulators.

One problem I see is that fear is much stronger than greed, and therefore, the one who is more skillfull in using half truths, innuendos, falsehoods and bluffs, in order to create fear among the shareholders, will always win in the end. The idea of a mandatory valuation prior to a take-over is great as a principle, but it defeats the concept free entreprise and trading on the open market. It should be mandatory in a friendly take-over but no one will ever stop a shareholder from selling out when the price has reached his/her target.

The other problem I see is the lack knowledge among the shareholders with respect to own their rights. If SPQ or KWG had done a better job of informing the shareholders through their investor relationssections, not just about the offers brought forward by Cliff, but rather clear information about the possible outcomes and the options that were open to the shareholders in various scenarios, you would have seen far fewer SHs tendering their shares. If all had known that when push comes to shove, shareholders can and should "dig in your heels, and see how it feels to raise a little hell of your own" regardless of what the CEO and the BOD reccomends. I wonder what the picture would look like if only the BOD's shares plus maybe 10% had been tendered...what would the offer price look like now.

As it stands fear took over...ignorance prevailed (in large part because people don't read enough to inform themselves)...and utlimately, tolerance to the perceived risk dropped to insignificant levels a majority of SHs ran for the exits.

Now I am not saying that I am better off because I didn't tender my shares...that outcome still remains to be seen...what I am suggesting though, is that...shareholders do have rights if they are willing to 1. put in the effort to educate themselves so as to understand the real risks relative to all possible scenarios, 2. actually investigate and find out what their rights are at various points in the evolution of events, 3. summon the internal fortitude to exercise their rights in a timely fashion as per their beliefs and/or convictions with respect to their holdings vs their personal financial situation.

If corporations are guilty of something, it is merely of being good at gamesmanship...the art of manipulating (posturing) so as to benefit the most from various transactions and situations...they know that a majority of shareholders don't take the time to study and thus are easily manipulated by fear mongering.

I have found this forum amazing when it comes to various investors who are willing to research and share with others, their knowledge and findings, in an effort to offset the dis-information put out by those who want to lead shareholders astray.

I for one would like to express my deepest gratitude to all of them because I have read 95% of all posts on both SPQ and KWG boards and have greatly benefitted from the well informed, well written messages from those who cared about our collective goals. If fairness exists, I can only assert that "you never get anymore than you can handle, or any less that you deserve". Those who have acted with good or bad intentions will get their just rewards.

Many thanks to all and best of luck to those who have contributed to my education and success...never forget to pay it forward.

L P