What are the Gabellis waiting for? $9.50 book value. $3.50 in cash. Why don't they tender for 500,000 shares at $6. Or start buying blocks in the open market? Why doesn't Mario and his some Marc practice the same value creation he preaches?
With guidance for disappointing performance in the near term, if there is someone out there that is willing to buy this for $8 or higher, I think it should be sold. In fact, as a 2.5% holder of the company, I'd be the first to support any bid of $7.50. But good luck getting the Gabellis on board, I'm guessing.