Exactly, gentlemen, that is my point: first a low-ball $5 offer nobody (almost) takes, then nothing for 18 months, and then $16, when they could have been buying cheaper than that all along? Why the hurry? And, if they were to be thinking along the lines of "special dividends" and selling the company piecemeal to avoid paying the $120 million Perp Preferred, why offer anything at all? My point is: there is something else happening, and they ain't telling us what it is!
My guess is that they must have been in a blackout period for most of 2010. If you check out the disclosure statement for the SKKRF acquisition the board was engaged in unsolicited offers for a while.
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