You ask the key question. If there was $10/sh available from selling the company, don't you think the Chairman would choose to tee it up for a sale, rather than dumping his shares with 10b-5 sales over the past year? Who would buy it? -- I don't think there are any strategic acquirers, so the next logical buyer would be a financial buyer. Financing for such a deal was at its cheapest point ever 6 months ago -- yet no deal then. I think the stock's march down is answering your question: it needs to be valued based on earnings and cash flow as a stand alone company. That's not such a pretty picture unless you think this company becomes a monster grower: it trades at 23x 2007 eps estimate of $0.33. That seems steep to me still . . .