The fact is no one knows what the company is worth right now. If the additional reserves are in excess of their cash position, then the company will be worth very little. Clearly trying to find a buyer a week before releasing delayed & restated earnings is not a good sign; they clearly believe they are in need of significant capital and do not believe that either the equity or debt markets can supply it.
Nonsense. There will be a few bidders and they will likely will pay TBV which in the worst case scenario is about $10.00. Their cash alone is worth more than $6.00. Why would they sell their cash for less? That makes no sense.
I did, but a 10 cent loss. Like I said and tried to warn people, I called people in their office and they told me they could not survive on their own. This reaching out to JP Morgan to find a white knight proves they were telling me the truth. Note I wrote this before the press release.
Fine if you hold the stock, but like I said and warned everyone, no one will pay above $8 for this company.