That would have been me, the capitan of the GOL. I have purchased exactly 200,000 US ADRs under $1.16 since yesterday, some as low as $1.08 mark.
Why does the capitan finally turn bullish on the GOL?? Simple, ALL of the bad news is now priced in PLUS you have a Delta "backstop" plus the real possibility of a takeover at these levels. Will it be huge premium, not probably, but $2-3/share USD is definitely in the cards by January and perhaps higher by the time of RIO 2016.
The loadage faktor is highest in the history ever for the GOL; when economy start to rebound and PRASK can begin to recover, the stock will rebound quickly.