I've been thinking they would report some open market buys, and I've been watching the filings. Tonight's filing does not appear to show any new open market buys, BUT it does show some activity on their part. Here's a clip:
This statement reports an aggregate of 16,097,197 Shares, including 2,000,000 Shares underlying currently exercisable Warrants, constituting approximately 30.0% of the Shares outstanding.
This part is also of interest:
On October 23, 2013, Steel Holdings and SPHG Holdings entered into a Credit Agreement (the “Credit Facility”) with PNC Bank, National Association (“PNC”), as administrative agent for the lenders thereunder. The Credit Facility provides for a revolving credit facility with borrowing availability of up to a maximum aggregate principal amount equal to $50 million. Obligations under the Credit Facility are collateralized by first priority security interests in certain assets, including publicly traded equity and debt instruments of Steel Holdings and SPHG Holdings, including the securities of the Issuer...
So it looks as if Steel is borrowing against their stock holdings, perhaps to leverage their MLNK position, or use the funds to buy more shares, or use them in their other businesses. The filing date is as of Oct 23, so it's also possible that Steel has been making some open market purchases in the last few days. I believe they have something like 2-3 days to report buys, so we should know soon if that is the case. At any rate, things are getting interesting here...
I think it's also possible that they are going to use the loan to buy a company to fold into MLNK. If they can find a profitable one, with MLNKs tax loss carryforward, it would most likely be accretive to their earnings.
I sure wish sobithongie was still around. I recall some of his musings on the net operating loss back in the day.