Nobody would pay $30 or $40 at this time clearly. Whether they would take $15, probably depends on the details of the deal and specifically what is in it for the management. There would have to be a shareholder vote, but usually the management gets their way one way or another. It depends on whether management holds lots of units and would make a killing on the sale. If they are not big holders, they might be more interested in whether they get to keep their jobs or not (HTE, for example, agreed to a crappy buyout, probably because all the management got to keep their jobs under the new owners). Bottom line: expect mgmt to put their own interest ahead of shareholder interests.
You sound like you got burned by HTE. I was lucky to get out losing only .05 per share on 10000 shares. I think management really screwed the shareholders and as someone mentioned, the Koreans decided to keep the current management team in place. Well that will not last, if they run HTE like they have been over the past two years.
I gave up cussing but you can bet what is going on in my mind is not very charitable towards the HTE management and the Canadian government that setup the collapse of companies like HTE.