I think a sale below net equity does in fact seem cheap, particularly if you look at the balance sheet and it does not appear that there could be 38 million in future lost value.
Anyone who thinks or thought $10.00 a share is or was a good number appears to have gone on their merry way given the 1.7 million in shares traded at or about $9.7 per share on the news.
Not sure who is in the 1.7 million traded at $9.7 a share. Is 30 cents a share profit expectation worth the risk that the deal does not go through and you are back to $8.30? Not sure of the reasoning, but it is a whole bunch of shares with a basis very close to the proposed exit. Do not know how many shares need to vote yes to get this done, but 1.7 seems like it might be big enough to stop it or at least have some say in the final deal.
I think an organized liquidation should yield net book which is $3.8 a share more than $10.00 a share and I think over a relatively short period, but maybe not.
I agree with you, and I don't think you are ascribing a value to the PE business. I generally hate the trip and fall lawyers who sue over these deals, but I think they are the best hope for dragging out another buck or two