Today's Wall Street Journal talks about shareholders being on tenterhooks awaiting a proxy in which some self-interested firm will produce a valuation for Dell which will magically manage to support how little Dell's shares are worth based on future results. Think about the question for a second: this whole process makes no sense.
The easiest thing to do in the meantime? Have the board release all of the financial and analytical material on which the board decided that a leveraged recap and other alternatives were inferior to the management's proposed buyout. Then, shareholders would have a benchmark against which to measure the forthcoming guesstimates. It's a really simple proposal, and it would substantiate what are otherwise unconvincing statements by the board. Have them redact out any intra-board commentary if they want. As Joe Friday would say during an interview, "Just the facts, ma'am."
I wouldn't hold out hope given all the conflicts of interest in the board room, but it is officially Spring.
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