Clearly the company is for sale. The CEO is not getting any younger and the deal with CIBC to buy back the convert is the first step in the sale process. Now Bud has control to make his own deal. The book value is only 15 percent below the current stock price. Broker deals have been done at 3x book. Even at 1.8 to 2 times book you are looking at 45 to 50 dollar price.