There is no buyout. The company is bankrupt. Any bidder would have to make a proposal to the bankruptcy court, and any money offered would go immediately to creditors, not shareholders. They have had 8 months since they filed bankruptcy to make an offer, and no one has. And even if they did, shareholders are still LAST in line. They would only get something if all debtors, creditors and the preferred shareholders (of which SFXEQ has a lot of) get paid what they are owed. And that won't happen.
You can read the Plan of Reorganization for yourself:
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