It's not necessarily irresponsible. HCII said their bid was based on available information at the time. Let's look at something:
Book value per share 6/30/09: $9.68 Book Value per share 6/30/10: $7.84 Plus dividends have now been discontinued
Looks like while HCII's bid was still low, it was probably going in the right direction. Would you rather have $5.30 or $3.61?
At this point and time, I'm guessing it will take 2-3 years to break $5.30 and that probably depends on a BOD and Mgmt change. It's time for a new team to improve the operations and take a hatchet to the expenses. No acquiror will pay book for damaged goods.