The insider window for this quarter is still open for a short time, but you're right, a 400 share purchase so far is unlikely to change the markets perception of OTEL.
OTEL has to send the banks around $1.7M every quarter as a principal payment. This doesn't include interest on the senior loan which amounts to over $2M. Also, OTEL every quarter must make an Excess Cash Flow payment which amounted to around $330K in 3Q. With all of that going on, I'm not sure OTEL can get to a $20M cash on hand balance quickly.
When OTEL emerged in May, they essentially wiped out $109M in debt by retiring the subnotes of the IDS. Without being specific, OTEL could do an equity for debt deal if they could find an interested party or parties. While such a move would dilute current shareholders depending on the offering, the dilution could be offset somewhat at the same time by retiring the 232,780 Class B Shares the banks currently own. The price to do so is 2.5% of the senior loan now...and the price goes up after the end of March 2014.
Funds raised by an equity offering would go directly to either refinancing their debt, or simply making a large paydown on the current loan. Either way, this would immediately remove market concerns that OTEL will trip its 4.25:1 leverage ratio, which IMO is causing the current depressed stock price. It would also instantly speed the process of a more manageable debt load, opening up more flexibility to do things like an acquisition. OTEL also could be a more enticing acquisition target to another telco with its lower debt load. We'll see.