Wise, so right you are.
There is a particulary large buy currently sidelined, not because of doubt about LWLG but because it is just too hard to get a reasonable read. That buyer has chosen to move in after a verified win, or two, knowing that it will be at a much higher price.
I think that may represent a wider group of potential longs. I suppose that the Holy Grail is a bargain at even $5.00. You have to wonder where the long time longs would cash in. My read is that most would hold out for much more with the majority of their holdings, governed of course by what the BoD and truly big holders would accept in a buyout.
So as you said, "tough nut to crack."