The thing you're missing is that the share price will be a major...

The thing you're missing is that the share price will be a major point of reference for any 'end game' you are likely to see, and the lower the share price is, the easier is the job of management in achieving that 'end game'.

It now looks like we may be going back to re-test the lows at $1.45 made almost exactly 12 months ago (and let's hope it holds if so). It wasn't long ago that people here were worried about getting a 'low-ball' offer at $10 a share. However, with the SP at $1.50ish, a 'low-ball' offer looks more like $2.50-$3.00. A generous offer would be sitting $4.00-$5.00. Something like this would surely have to be recommended by the BOD given the premium that an offer that size would entail, and would likely garner (no pun intended) enough responses from frustrated and panicked longs to obtain a majority stake though perhaps not total control. From there though the company could be easily hollowed out and left as a shell.