Actually, I am long, and hoping for the same BUYOUT AT $18. It will not happen with naive shareholders.
The company recently repurchased over nine million shares of stock that were paid over in addition to $29 million in cash for a worthless security company in 2009. So, if you haven't picked up on the fact that only very recently they completed the worthless security company transaction and spent over $100 million of shareholder money to do it, you need to go get educated. If the September 2013 byback was yesterdays newspaper, you have a very short attention span.
Here is the version for dummies: While other companies in the sector are using recent windfall profits to purchase NEW businesses and income streams, Smith and Wesson very recently spent $100 million dollars buying back shares that were given away in a 2009 acquisition.
You should be asking for the heads of all the board members that were party to that acquisition, instead of defending them. You might also consider what ultimately would be the best thing for this company. You have some choices:
1) Sell the company,
2) Keep the company and watch the PPS fall to the $6 again,
3) Have Debney ask for the resignation of all the board members who were party to the 2009 acquisition,
4) Initiate a lawsuit against all the advisors and their insurers who were 'helping' with the 2009 transaction,
5) let the company embark on another acquisition in a high priced environment. Watch the stock fall to the 6's as the market reels in horror as the same clowns that bought a security company enter into another venture.