A couple of heroic assumptions there Teringie, that the 1PG...

A couple of heroic assumptions there Teringie, that the 1PG product could be sold for $5-$10m and that there are positive operating cashflows anywhere in sight.

Also note that company insiders have a bigger voting block than Merchant. Without other large shareholders supporting them their 8% cant do anything. Its normally not big enough to even get voted onto the Board so they did well just getting some Board influence here and they presumably decided that this was their best option in the circumstances.

You should also always assume in my view that Boards with excess cash will waste it. Unless there is a specific strategy for investing and getting a return on their cash, it will just be providing a buffer to management to defer difficult decisions. No one willingly votes themselves out of a job if there there is cash there to avoid that reckoning.