Obviously a buyback would be nice but it would kill liquidity
I have no doubt that the FNHC board would sell this company given a fair price. Management has done a great job turning this puppy around, and the immediate future looks bright, but if a fair offer came along, I'm sure they's take a strong look at it.
Sure they rejected the HCI offer back in 2009; but at the time, the offer really wasnt much of a premium, especially with of the proposal in stock for stock. And who knew how well HCII would do? I think its a meaningless comparison. If you liked HCII, you should have bough it, you would have cleaned up.
Forgetting about any spilt milk of the past, on a going forward basis FNHC looks to be the far better value, at least to me. However, if you think HCI is great deal right now, there's no problem, just buy it. If you think its better than FNHC, sell FNHC and use the proceeds to buy HCII. Those are two options amongst many to help quell your pain.
Of course another option is to continue to whine another three years.