that's not the picture here. You're focused on the wrong thing. You need to focus on the value of their assets, and the fact that they have been outperforming their markets. Breakup value for this thing, in an orderly fashion, is somewhere between $2-4, by my estimates, with the CEO the most likely candidate to swoop back in.
I'll tell you right now, with the cost basis I have now, and owning nearly 3% of the common now, I will happily support any PROMPT "reinstitution" of the old $2.40 going private bid...as long as offers from 3rd parties for the entire company, or individual assets, are also entertained, and a fairness opinion is procured. Everyone has his price.
The debt holders, not the equity holders are the ones that have their eye on these valuable assets. I am not saying there is no value in EMMS, I am saying that its not in the pieces of paper you call equity.
You're 100% full of it, and that is especially proven through their sale of the 3 stick assets, and fact that they are waiting to sell LA for $110 million.
Would love to see your math.
Where does your common equity claim to the EMMS assets fall. Hint: Last Sure there is value in EMMS, its just not in the common. You don't need math to understand that. If you want an explanation, have a CPA review the EMMS statements and tell you what they think.
You're not going to get any at that price, so put it to rest. (I'll be certain to be on the bid at 61 cents, just to thwart you.)
Real investors don't play games. This company has done a lot, just in the last few weeks, to dramatically increase the value that remains for shareholders. The notion that you haven't changed your viewpoint shows that you are a rank amateur. Imho.