Ted, I understood why an acquiring company would want Implant to flesh out their screening line -- I'm not ignoring the question. It has to do with the premium you believe an acquiring company would pay. You see it, I don't. Let's assume that L-3 is the party interested in buying Implant primarily because of its ETD capabilities. L-3 is a $10.5 billion company (2015 revenue) with 38,000 employees, 3 business segments and perhaps a hundred divisions. Most of its work is related to defense. EDS/ETD screening is and will remain a small -- very small -- part of its business. In fact, a small part of a small division (I looked up where I thought IMSC would fit). The M&A people will not go to the CEO and tell him they recommend a substantial premium for a very small company (never mind it's unprofitable and loaded with debt)that fits into a tiny portion of a small division in one of three large business segments. That's not how it works. The CEO would throw them out of the room. So with all due respect, I think expecting a nice premium is misguided. As someone else said on the board recently, Platinum, which effectively owns Implant, has lost its leverage with its announced need to unravel its Value Arbitrage Fund. Platinum needs cash, and it needs it now. M&A guys are not known as the most charitable people in the world. Rather than a premium, I see a fire sale, with a potential acquirer holding all of the cards.
