Wait for Dell to be taken private. There is a high likelihood of FIO being bought by Dell after they have closed the deal. Dell vote is expected on July 18th. Early/Mid July would be a good time to start buying FIO.
Nah...Private Equity is the way to go. You gotta believe that PEG's are kicking the FIO tires. Take this shipping ship private @ $21 and sell it in 2 yrs for $40+. Without the distraction of the quarter-to-quarter WS mentality/pressure, FIO would be able to focus purely on growing the business. $2 billion price-tag? piece of cake for the PEG/VC boys.