"seems to tell me that they are hardly likely to sell if someone...

"seems to tell me that they are hardly likely to sell if someone came along with the standard (we will buy all of your shares for a 30% premium over the last 30 days sp) type deal "

I think the large shareholders would bail out at less than a 30 % premium.

Don't forget the only reason large shareholders can't sell is because of the liquidity problem.Ie there aren't any real buyers, just the odd day trader and mums and dads.

As for waiting until they liquidate, I agree there wont be any money left for shareholders after all the other payments go out.