It was high risk pursuing an SPA and then communicating, as recently as last week, that things were looking promising. The reason this stock has been decimated is because the company has been needlessly bullish on the SPA, when they could have downplayed it all along. In light of the ODAC meetings in September, they had plenty of time to tone it down. Instead, the market is taken by surprise - and negative surprises, whether earnings or whatever, are always punished.
Another negative surprise, this company will trade below asset value and sold at asset value. SO my question to Ernie is - can management truly be so naive and incompetent, or is there are they actually trying to telegraph something positive here for end of year.