I think it's silly arguing over this point when there really isn't anything that can be done. The board already has an experienced activist shareholder on board, the company is making good money and growing. The stock has close to doubled in less then a year. There really isn't much more the company or anyone else can do at this point. If there was a quick and easy cure, I'm sure either Raina or Barrington would have done it already.
The high short interest has puzzled me for years. The most reasonable guess I have is that it might be due to the large number of acquisitions earlier on. Since alot of it was done by issuing EBIX shares with a lockup period, these acquired shareholders might have sold short to lock in their gains. Then the dumber money, seeing the high % of short interest thought it might be smart to pile on. This is my best guess at why there is such a high short interest despite years of data against the short case.
Ebix new contracts are lumpy in nature with big deals coming in between. I'm guessing revenue will be flat, but I don't see it going back to 28 as that would imply a forward PE of 11-12. If Raina manages to increase their margins from 29% closer to their historical norm of 38% then that forward PE will be even lower.
Rennes is as insider as they come. The foundation is represented by Raina who is the CEO. During the last attempted buyout of EBIX, the two sole remaining original shareholders would have been Raina and the Rennes foundation if successful.