One has to assume the company is making moves that have approval by some funds holding ZIOP, not making them in a vacuum -- if I'm wrong on this, then the company just being stupid. Too, I've not read/seen everything, but one would think they'd be trying to work with opposition on some changes.
WaterMill -- sole interest I believe is setting the company up for sale. I don't believe they will accelerate programs, although it's been clear for some time that strategic alliances might make sense. For shareholders, this is a benefit, as it is difficult to get share appreciation for a company that doesn't appear to care to be sold at all.
Again, if the White card prevails, the stock will leg up a bit; WaterMill will insure it.
Finally, Cooper's not played his position well. His academic training tell him that the company is progressing and is positioned to advance products to market, I'm sure he believes each and every delay we stockholders have lived through has causes both reasonable and beyond the company's control. ZIOP needs a CEO to guide the ship and let Cooper focus on programs. Based on some of Cooper's response (poor), I do wonder if he will quite the ship if the company loses the vote; contrary to some here, I don't believe the money means that much to him.