seems to me that the existing investors got screwed (again) by management. Any idea who the "private" investors are? The stock got driven down to the low $4 range, then immediately bounced back into the $5 range once the deal was announced. Existing shareholders should have been offered this deal. Wouldn't surprise me to see a lawsuit on this one.
didn't you forget to subtract the debt? That would put them at around $12 a share. That doesn't include the dilution from the preferred shares. If they an focus on reducing debt, then the value will grown significantly.