Management would be lucky to get .15/share with all the legal baggage and I will assume questionable books.
Please provide proof in the form of a link, or documents pointing to a a legal loss, anything to prove a that the company would be lucky to get $0.15 per share. And I would assume the company's books are just fine for an M&A or else there would not be an offer. The offerer must have some frame of reference, and their M&A experts must not think like stock traders.