Orwin and remaining management will soon issue themselves cheap stock to "incentivize" them and make up for their underwater options. Only then we will see the company PPS rise again, and no big increase until this happens. Just wait for this.
Doesn't matter whether they like it - they have lost. There is a pretty tight BOD that calls the shots. What we are seeing is a transfer of ownership from mutual funds who bought in at the top to insiders and aggressive value investors who will make a killing. I expect to see a filing from Tang Capital soon.