However, for all the rearranging of the deck chairs, Plan B is not a decisive improvement on his first stab at a leveraged takeover. Smiths shareholders are still being bribed with their own money and asked to put their faith in a much more highly geared vehicle.
Nor does it look likely that the incumbent management will settle down to a life of harmonious co-existence with the man who was trying to snatch their company from under them a few days ago
If Mr Waterstone's ideas of a capital repayment coupled with a break- up of the business are so attractive to shareholders, then why doesn't the existing management implement them and dispense with the fancy fees that SBC Warburg will ring up?
Smith's probably has a duty to put the Waterstone proposals to its annual meeting next Wednesday and let shareholders have their say.
Having missed his opportunity to strike when the ship was rudderless, the most galling thing for Mr Waterstone would be either to see the incumbent management copy his ideas or discover that he had spurred them into action. That, however, if often the fate of the interloper.