I have been watching VG for about a year now. Read all of the history, the regulatory filings, talked to lots of people. What a colorfol/painful history... My sympathies go out to those many investors who have been creamed by this stock.

However, at the current valuation, even with the the overhang of another $15mm-ish offering hanging over the stock, I am beginning to consider a taking a long position.

However, the stock gets hammered daily - definitely falling knife stuff here. While the entire sector is really beat up, this stock seems to be getting subjected to unusual amount of sustained selling pressure.

Does anyone have a bead on who the seller(s) are, not the trading institutions, but the owners of the positions? We are talking about a long and sustained program of selling here that could only be undertaken by an owner with a large position.

Second, the other reason why I have held off is that no one has made a tender offer for the company. If my investment thesis is sound, there are a lot of LBO funds and hedge funds who, on paper at least, should have already made a move.

So the question is why is the sophisticated, smart money staying clear. Given a market cap of $156mm, these guys should be tripping over themselves. Yet, no tender.

We have heard lots from the regular board contributors and I believe their rationale for loving/hating the stock is well known. Anybody other than myself tire-kicking this stock? I would welcome your perspective/analysis.