I agree, FLOW is a "sound" firm with a real business and decent prospects. However, I can see Otter Creek's point of view in that results should have been and, more importantly, can be better. The news today confirms that management and the board are listening. They are taking corrective operating actions as well as formally "evaluating strategic alternatives."
My guess is that FLOW could be worth more as a part of a much larger firm than as a small stand-alone firm. With the benefits of scale, slipping tiny FLOW into a big firm should reduce administrative and input costs and boost marketing effectiveness. If so, the higher margins and profitability should make FLOW worth more to a buyer than it is as an independent firm. Regardless of the outcome, shareholders should be better off than they otherwise would have been.