There are currently 1,984 publicly traded companies trading for less than book value. I think it's safe to assume that many of those are also trading for below cash/share. I think the hope here is that one of their largest shareholders (Blum) also has a large position in ITT. Perhaps there's a way to combine the two entities, remove G&A redundancies and rationalize the asset base. The overall outlook for the for-profit post secondary didn't get any better with the continuation of the Obama administration.