John, in principal you are spot on but the market does not seem to care about that at the moment, I don't think you can go too wrong at these prices, but pretty illiquid so could be looking at some price spreads if you wanted out, which you dont. They have a fair wad of cash. 15 cents would be a bargain, not sure if they will go there but it is possible.
cheep under 20, page-2
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