They are very much value investors of the Ben Graham cigar-butt...

They are very much value investors of the Ben Graham cigar-butt school (if you see half a butt lying around that has a couple of puffs left in it pick it up). They will spend $4M to get $4.5M cash and if the "business" that comes with the cash is not a drain keep it, otherwise liquidate it. This isn't corporate turnaround stuff - it's buying $1s for 90c or less - the cheaper the better.