I totally agree MS. It is a no brainer that the best potential...

I totally agree MS. It is a no brainer that the best potential value will be achieved by going it alone. I say 'potential' because of the risks inherent in P3 trials - nothing is a certainty.

The 'best value for shareholders' to which Jon has frequently referred, is (for me) relative to risk vs reward. In addition there are many current holders (and management) who have been here since the pre- consolidation days and are sitting on healthy paper profits, even at the current ridiculously low SP. Some of these holders (including myself) have been looking to a $50(ish) takeover, resulting in significant profit and an end to years of risk and don't want to add another 2 to 3 years to that.

I would take $45-50 now in a heartbeat. Anything under that would be so lowball as to force me to hold on (if allowed) through a likely P3 and a few more years of SP instability and risk. I see a takeover as the only near term event that could lift the SP out of the doldrums, but unfortunately a 'fair value' bid appears unlikely. In that case I may (unwillingly) be stuck here for some time yet.