now for the good news.., page-4

They are not going to allow the takeover of the company for the sole benefit of impatient day-traders....

This company is trading at a deeply discounted price to its net asset value mainly because of the GFC...now that credit markets are beginning to thaw, why wouldn't they wait a while.

As a general statement, it would be much better to restore shareholder value by a restructure of debt on mutually beneficial terms, than accept a totally opportunistic takeover offer.

that said, I would not be averse to accepting 19c for my shares if it were offered, ( however there would be many holders in at an average price much higher than mine) nor would I mind staying for the longer term to see how it all plays out...