ect to a given Corporate Event, creating a conflict of interest for Hudson Bay Capital in determining whether to accept the Transaction Price, file an Appraisal Proceeding, opt out of a filed Appraisal Proceeding and/or settle or otherwise participate in such Appraisal Proceeding (and at what price). Hudson Bay Capit

ransaction Price — which has, after all, been accepted by the Target's management — is meaningfully below Fair Value. Once the Fund is committed to an Appraisal Proceeding, the Corporate Value Fund will hold an effectively completely illiquid position; it will be very difficult for the Corporate Value Fund to close ou