i really don't understand the exuberance around bbg as reflected...

i really don't understand the exuberance around bbg as reflected in current share price.

You have some of the smartest investors on earth saying that they are happy to get set at around 35 cents. . . . .. but they previously turned down the opportunity to make a full bid at 50 cents. Therefore, their assessment of fair value today seems to be in the 35-50 cent range.

So why would you want to pay 60 cents in current circumstances?

Sure - they might turn it around and might manage to exit for a 3x return (say $1.05) in a couple of years. But the turnaround is yet to begin