You have some valid opinions, however its still up to debate. If they are holding PRs as you suspect its going to take lots of huge PRs to just get this back to the 3-004 range and they'll still be in the same boat.
I also agree this company has the want to do something, I just don't think its gonna happen. 8 years and RTG still hasn't done anything. 18 years and Brand E still hasn't done anything. You can't take two washed up companies, put them together and have big things happen. You still end up with a washed up company, just with twice the employees...