Based on the current operating conditions AF probably can't even get $21 a share (1.5 x book) in a buyout. And I don't think they would accept $15 unless someone goes hostile which doesn't happen very often in banking. I can remember a time when banks were getting close to 2 times books to be acquired. Those days are over!
The tangible book value is slightly above $11 per share. Their annual EPS run rate is currently $.55 to $.60 per share . A $15 buyout price would be a rich 1.5X tangible book value and about 25X forward EPS. So , don't you think that talk of $ 21 per share is a bit nonsensical ?!!!!! Value in this company has been destroyed by management. It's very sad what happened to this once proud company.