If there was a move by the majority owner to go private, he would be required to get an independent value of the company. At a minimum the value would be fair market value of the tangible equity + some value for intangibles and going concern of the company. Therefore, any price below $12 would be met with lawsuits that are justified.
Now the real question is why would the majority owner at this stage in life make an offer to buy the company where operating cash flows wouldn't support the debt assumed in the buyback. It will be years before the company has any likelihood of generating meaningful cash flows.
I think the company should focus ("reduce") its operating costs and manage the business based on its current and realistic revenues. If they do grow top line through an acquisition, they will pick up SG&A. Doesn't make sense to have a bloated infrastructure for this many years.
Kathy was an excellent CFO. Disappointed to see her leave.