Monday, April 23, 2018 11:31:59 AM
The current CEO/Chairman initially had a 'sale bonus' in his contract with a target acquisition price of ~14 per share (somewhere around $200MM at the time). His newly negotiated agreement is in the $1.50 range (after he converts the debt he holds). This alone tells you management does not believe that the company has a legitimate shot at valuation substantially in excess of $50MM.
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