I had tendered all my shares and was surprised that given 42% of shares were tendered, Cerebrus didn't buy the shares and close the deal. I think they probably got greedy and wanted to wait to pay the cash. From their perspective, why pay the cash now when they can wait till later and get the float on their cash. According to the SEC filing they can continue delaying tender offer until July. Well, screw them! I got out of the tender today and sold my shares in the open market for $3.96. It is not worth waiting until possibly July to eek out an extra 4 cents. The delaying tactic may bite Cerebrus in the end if other investors behave like me. The tender ratio may decrease by March 20th, the current expiration for tender offer. Cerebrus is behaving rationally and so am I.