My only problem with your assessment is that the Grumans and Jane have been accumulating at least since last July with no dividends on their shares to provide income.  They have had to be absolutely certain about the prospects but if the prospect was to sell out you'd think a buyer would be known to them (causing I believe some legal issues of acting on undisclosed information) and the tranaction affected more quickly.  Have they been confident enough in the business to assume an unkown  buyer will show up at a very profitable price (to them)? If so, they have taken a huge gamble.  I lean more to a recovery in the works and a dividend forthcoming.