Why is SRGP making $16.00 offer. On looking at the Sept 30, 2011 notes (#10) to the financial statements the apparent reason for the offer pops out. " During any dividend period, UNLESS THE DIVIDENDS FOR THE CURRENT DIVIDEND PERIOD ON ALL OUTSTANDING PERPETUAL PREFERRED SHARES HAVE BEEN DECLARED OR PAID, NO DIVIDEND MAY BE PAID OR DECLARED ON OUR ORDINARY SHARES and no ordinary shares or other junior shares may be purchased, redeemed, or otherwise acquired for consideration". I speculate this means that when the company turns profitable they will have to pay a 7 to 8 percent dividend to holders of the preferred shares. Now do you think you can make 7 or 8% on the $16.00 per share they are offering???. Don't know when the numbers will turn profitable but I speculate it won't be too long after the major portion of the preferred are removed by the tender offer. Could be at that time they will reduce Amortization of deferred acquision costs and suddenly turn profitable. shortly thereafter they will cash out and throw more than $16.00 pershare to the preferred holders just to get rid of the problem. What say you??