Facts are on the table. A blind man can see that...
I'm with Bill, I would have gotten out today. This pops if Burkle wins, but drifts lower on a Riggio victory. Either way the dividend is over this quarter. If this doesn't get bought out it will go WAY lower and everyone knows it.
My opinion is that this goes down into the single digits within the next 9 months (how far, I don't know, but I don't think 6-8 dollars is out of the question)
This is of course barring a buyout by somebody withing the next couple months, but I just don't think it's gonna happen. Wait for things to get cheap here. It's what the smart money is doing. If it doesn't get cheap then move on. There is no profitability here right now and no book value to support price either.
I think Burkle will win tomorrow. I think Alethia will vote with him and additionally, there will be enough investors tired of sitting on dead money going along, because they'll realize that Burkle's additional buying to bring his stake up to 30% will stoke a short covering rally, taking shares into the 20's. That's fine by me. Long term, I don't like the company because I think the business model is broken, with way too much uncertainty.