It seems Joanna and Kent will take this business private. I...

It seems Joanna and Kent will take this business private. I believe they will have backers to do that, and that the main sticking point is the cash burn over the next two months which will need to be covered till privatisation.
Merchants and the raiders will not want to cover that . Joanna and Kent will want that 2 mill or so to be covered out of the $30 mill cash on hand.

Adding further complexity to that is what value does J & K give to the Merchants cash shell for the 1page bus. Could Joanna just turn in her shares as payment. Not sure on this. But merchants will want some form of payment that reflects the cost of the business potential in the future. This is where business valuations come into the equation, glad I don't have to work it out.