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As many of you know I emailed Whitney Tilson last week following the merger annoucement, here's what he said:

Mike,

What exactly are you unhappy about? Of course all of us would like a higher price, but do you think the Board of IPK didn't make best efforts to do so, or was incompetent in conducting the auction? I find no evidence of this. Of course, they could have not sold at all, but they didn't have much choice as a 32% shareholder needed to get out.

$26 is 30% above where the stock was trading only a few months ago before the company announced it was conducting an auction, so while I'm not jumping for joy at the price, I'm happy to have cash given my view that this market/economy could really take a nosedive.

Best,

Whitney



I may post again with how my thoughts have progressed over the w/e. However I'll leave this post unblemished so you can soak up Mr. Tilson's remarks.

Mike
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