I agree with you. Plus I read in the SEC filing they are doing this tender with cash on hand. If they have the dough why not just buy it themselves on the open market. Who says they aren't? If they have cash that is burning a hole in their pocket, things can't be that bad. My guess is this puppy never pays a DIV but will all be bought back at $25 either next June or June 2015 when the profits are up. I'm willing to let go half at 17.50 if that happens in the next three months or so.