<And if the manipulaiton was being arranged in order to have a lower price offer on a "buy-out," there is no reason that the shareholders have to accept that offer.>

That is the theory.

Hard to make happen in practice.

I know I was involved in a "takeover" of a company at what many of us shareholders felt was a less-than-fair price. True, most of us were still making a profit, but most (that I had contact with) felt that it far undervalued the true value of the company.

When the "official" votes tally on the proposal were published, it stated that "99% of shares" voted in favor of the takeover.

Many smaller shareholders simply do not vote (and thus vote with management recommendations by default).

Second, the major shareholders have mostly already agreed to tender in that situation.

I am not saying that the buyer will get the property for 25 cents on the dollar, but even getting it for 90% of what he would otherwise have paid can be a huge monetary savings.

Meanwhile frustration, anger, and desperation over the "unresponsive share price" can lead to a much lower "average price" on which to base an "amazing" premium offer.