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Hello GM Fools!(Or are you simply a Foolish Four-er like me?)Great discussion regarding the exchange.I thought GMH fools might be more bullish than we were regarding the exchange but so far they are as puzzled as we are.Their two most insightful posts to date begin with one by Duxton333. His lively post: http://boards.fool.com/Message.asp?id=1120036000101003&sort=id gives the reasons for his puzzlement.1. The proposal is highly repetitive2. Hughes has gobs of debt and little cash3. DirecTv, DirecPC, and DirecDuo are expensive4. The package gives little info. about GM5. Doesn't respect handling of Hughes over the years.In the following post michael a g burton decides to hold his GM shares giving four reasons, including obfuscation in the proposal. I haven't yet read my proposal but I do plan on seeing how management benefits from this. Have any Fools besides myself read Joel Greenblatt's You Too Can Be A Stock Market Genius? A good part of the book is about spinoffs and how to examine them for silver linings.Just as a Rule Breaker criterion is overvalued in the press, one of Greenblatt's criterion is a confusing proposal: something both Duxton333 and Senor Burton described. Greenblatt gives several case studies in his book and cites one particularly confusing proposal that so many shareholders didn't (or couldn't!) understand, but was a brilliant restucturing move by none other than the king of cable, John Malone.I'll go back to my notes--I certainly didn't expect this to happen to my Foolish Four portfolio. In any case, Greenblatt Foolishly advises us to keep an eye on spinoff opportunities to see when ugly ducklings can lay golden eggs.I realize this is not a spinoff creation, but it is similar enough I'm curious.If any other Fools have whims of the same kind, chime in (Why do you think there are bells on your cap?).Best wishes,pelode
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