I can't keep up with all the posts, so I don't know if this has been discussed before.
Doesn't anyone wonder why the stock has seemingly, at least to me, been walked down in dribs and drabs from roughly .85 to .55 in around 6 weeks in the face of a possible blockbuster sale of the company in a matter of days? Is the slow drop being glossed over as stock being sold by dummies, people tired of waiting, computer programs, or whatever? Are the sellers unable to sense the implications for the company facing the June deadline? What is the motive for selling recently? Are they the ones to lose big time and we the ones to strike it big?
I've been burned before with a stock being slowly driven down in small amounts over several weeks only to bought out by a bigger company for pennies, That was ECU Silver several years ago. That stock was run up from the pennies to around 3 bucks, then slid slowly back down over several weeks to around the .80s and promptly bought out. In trouble debt holders, so I was told, made out handsomely. Stock holders, not me, as I was gone around 1.20, could swap their shares at the .80 price equivalent, if I remember correctly. A lot of guys got burned badly, believing all the hype on the way up and down.
So, is that possibly what we may be seeing here? After all isn't one or all of the debt holders in control of the votes and therefore the ones to decide what offer, if there is one, to accept? Unlike the board, I doubt they have a fiduciary responsibility to the stockholders. As long as their debt is paid off with a generous bonus, their stock options and perhaps those of management and employees protected somehow, why should they care how much regular stockholders receive in a stock swap or whatever.
So why wouldn't they accept something around the present price, if that's the way it currently calculates out? If they are satisfied with what's in it for them, especially getting out from under that debt with a bonus, and if that's the best offer on the table, why wouldn't they take it?