somebody sure fumbled the Xact product line. Nevertheless, the former CEO and current Chairman is turning 73. It is time to start considering how to monetize the family investment rather than leave a legacy of illiquid stock to be inefficiently rationed off in the open market. The shares sell at an Enterprise Value to Revenues of about one-half, and the business runs at about break-even. With one or two okay quarterly results, I'd guess they should be able to sell the whole business at closer to one times revenues, especially if the drag of Xact is eliminated. Maybe they have a timeline in mind of when to do that. With Mr. Case approaching his mid-70s and Xact still unprofitable and consistently declining on a sequential quarterly basis, perhaps that time is fast approaching. Maybe that's why executives bought stock last year, knowing such a day of reckoning could be approaching soon. That's only one possible scenario, but makes sense to me. The company just doesn't make money. Maybe someone else can right-size it, separate the grain from the chaff, leverage the China exposure.
Dump the family troika and CEO salaries, dump the Xact product line (headcount, R&D, marketing, working capital commitment, cap. exp.), dump the lower margin products, take it private and void the cost of being public--and you probably have a decent return on cash investment.