'But the announcements of the appointment of Kidder Williams,...

'But the announcements of the appointment of Kidder Williams, indicates the company is in play and will take reasonable offers. How else can you interpret that?'

For sure, they need help to consider the strategic options for the future. The company is in play - 100%.

Just remember that in these situations the core base line is to obtain enough $ to pay everyone out cleanly as far as possible, so Kidder Williams fees followed by staff termination costs and other creditors are top of the pile, SHs unfortunately came a little further down the line.

Until you know that the above costs can be met, and a surplus for SHs then any expectation of a return is highly questionable. Unless these is a bidding war for 2 or more interested parties. The SP action thus far would suggest that there is no White knight waiting in the wings.

If as you suggest the company is worth $200m then the lack of interest is suggesting that no one else thinks so.

Best of luck.