I was informed by an ACAS investor (it was my fault, I explained what a good deal the company's shares were) that someone had called to solicit her proxy to vote at the upcoming special meeting. They really want a quorum, apparently.
As argued here, if you don't plan approving ACAS' move to issue shares below NAV to enable transactions like the previously-announced ECAS privatization, you should just sell your shares to someone who thinks ACAS' management should be entrusted to make the deals that presumably made ACAS a buy in the first place. Holding ACAS shares once you no longer trust management makes no sense.
From my perspective, I've already fallen 19 of 20 stories, what's the extra ten feet going to do to me? I haven't anything to lose but more money, right? [NOTE: This is a joke, not a safety tip!]
More seriously, though, the ECAS transaction -- though requiring issuance below NAV -- actually increases NAV due to the fact that ECAS' accounting treatment will change. Since ACAS' issues with its creditors are primarily caused by the effects of accounting principles, this kind of gaming of accounting pronciples seems entirely according to Hoyle. Moreover, since ACAS has a history of trading above NAV and ECAS has a history of trading consistently below NAV, the deal is good for shareholders of both ECAS and ACAS. Presumably, once the panic is past, ACAS will be valued with some rational relation to its NAV and/or its NOI, and those who enter at these levels will win.
This assumes that (a) management is authorized to enter the kinds of distress deals that will create NAV improvement as the market panic resolves, (b) ACAS isn't killed by creditor issues due to tangible asset threshold problems, and (c) the NOI ACAS has been enjoying doesn't evaporate, but is a real stream of ongoing income. If management isn't authorized to do things to protect ACAS' asset levels and is sold piecemeal in bankruptcy to meet creditors' immediate demands for principal repayment, shareholders will get zippo. If you plan holding, you need to authorize the deals that will prevent this and vote for the first proposition on the ballot.
Incidentally, the vote may create a trading opportunity: onlookers who don't consider the specific transactions underway will surely conclude that below-NAV issuance is dilutive (since they will assume the issuance is for cash rather than assets whose value will be different in ACAS' hands than on the street) and pronounce ACAS a sell. In other words, if you like ACAS at these prices, wait a little bit and they may get better still :-)
Also, the depression hasn't really kicked fully in: people are still losing jobs, and those lost jobs will impact public consumption in ways that ripple broadly through the economy. We could see improved prices in ACAS, BRK.B, and lots of other good, internally-diversified tickers with good long-term income. Considering the valuation the market is placing on AAPL, the world is apparently expecting bleak things in the near future.