I do not own shares but took a cursory look at SSY.
IMO many are considering Sunlink undervalued
on the basis of the oddlot tender offer.
If insiders want to take the company dark? They
can do it at anytime. Insiders already hold 64%.
When something smells fishey that you cannot
identify. Trust your nose.
I first took a look due to m.swanger's mention on the LEE board....then it got a little more attention when I read about the 1.50 offer verses the sub-1 price.....then I got sort of excited when I looked at the balance sheet and saw assets much greater than liabilities and very little goodwill. I agree with you about the fishy smell which is why I bought so few shares. If nothing else, this will force me to follow it and find out how the end game plays out.
If the strategy is to take it dark (never heard anyone put it that way before but I like how you said it), I would have to think it might be a brilliant strategy at this point. Simply sell off all the assets, pay off all the debts, and split what's left with all the shareholders.....which could result in about $2.50 per share. To steal the Polaris (PII) motto....that might be "The Way Out".