I agree, and Jeff R resisting the buyout is even more bizarre.
Ritchie would only profit if the stock rose and stayed there. That's assuming Ritchie DIDN'T sell his control position to Hanson. And if he did retain the control block, he couldn't have sold that into a run, either, because he'd still have had affiliate status.
I think Ritchie, like most people selling shells, would have wanted cold hard cash. Which he presumably got from Hanson.