You're assuming they haven't tried? What if BP or BB did come and offered a premium for the shares and were turned down by PPHM management/BOD while management/BOD diluted instead?
More importantly, what (if anything) is making Peregrine management accountable to their shareholders? Ideally (but not realistically) that's supposed to be the BOD, but when they are appointed/nominated or whatever by management, and are not opposed on the proxy.........?
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