All fair points. The one item that is strange is that HCII isn't continuing to pursue TCHC. They should have known a stock offer would be turned down. They should have manned up, gotten preliminary indications of financing, and thrown a cash offer down. I'm guessing a $7-$7.50 offer would have gotten it. The offer needed to be at least 75% of book. There is no way TCHC's board could have turned that down with their historical performance.