More importantly, we are aware of numerous strategic and financial parties interested in the Company that have been ignored, rebuffed and stonewalled in recent months and weeks by the Company and its financial advisors, or have been paralyzed for months by standstill provisions included in the form confidentiality agreement propagated by the Company as a requisite for entering into any acquisition dialogue.If any of the foregoing conclusions are based on incorrect information, please openly correct our understanding. We fear that KITD's current structural, commercial and liquidity challenges will worsen and compound—leaving the Company and its shareholders with limited, if any, options to preserve or generate value for shareholders. As such, we urge you to take immediate action to the benefit of shareholders and:
- Execute on the operational turnaround plan articulated in our Initial Letter;
- Clearly explain your balance sheet fortification strategy to KITD shareholders, specifically how you intend to avoid a foreclosure by WTI or a similar action taken by a replacement, "last resort" lender;
- Conduct an open and transparent auction of the business (without discriminating against any prospective bidders) with a reasonable minimum bid price; and
- Release any party that is currently subject to a standstill provision from any restrictions on participating within or pursuing a transaction to acquire the Company.