I share your sentiment Crow that if this activist group can get the company sold for the NAV or higher (say $3.50 - $4.00) then I would have to take a bird in the hand verses two in the bush as rationale for being happy with the outcome. Surely to goodness this company is worth at least $3.50 per share particularly with a huge (for a company the size of Athaca) production increment occuring mid next year and likley over $400 million of tax credits with about $120 to a buyer in terms of after tax ROI on the purchase.
I agree that they must see particular marketability of Ithaca verses others based on the prospective 20,000 mmboepd with a year or so, current production of close to 7,000 boepd, an accelerated payback with over $400 million in tax credits (will be over half billion by next year), Significant current cash flows (particularly at $117 Brent and really high when Athena comes on mid 14) and 2P reseerves of nearly 55 mmbbls.
The right company would simply let this company continue to function as a private company and develop out its reserve base. The after tax payback for a $4 per share once GSA come on line is just over two years.