First off, attempts by a series of shareholders to take Atlas Corp — the parent company of tonnage provider giant Seaspan Corp — private has been raising eyebrows.

Why? Because of a potential conflict of interest as Morgan Stanley, the bank advising the company’s independent directors, is also working for a major investor in Atlas.

The potential conflict has added significance because the offer by the main shareholders to buy out the remaining investors is regarded by some as undervaluing the business.