Given this snippet from Bill Patterson's November 2015...

Given this snippet from Bill Patterson's November 2015 Chairman's address:




I would be very surprised if they are giving M&A an ounce of thought. Valuations are so much higher now than they were back in 2015... They also had $12 million in cash back then, now they only have half that. They also had two CEOs searching back then for a full year, what chance would they have now?

My bet would be on some organic growth initiative, but who knows. I would have never predicted we'd still be in this same spiral 4 years later.