Feel Like I should jump in here.
First of all, does anyone remember a recent proxy fight? Shareholders are for the most part rallied and in it together now. If an offer for a buy-out at 0.30 cents hit, it would be hostile offer. Mgmt knows the company is worth at least 0.50 cents from OZ's option, so it is very unlikely they will accept a 0.30 cent offer. So now recall that first sentence, remember a recent proxy fight? No company is going to be stupid enough to hostile offer a company that just recently won a proxy fight, especially with a junk bid. The company that did would look extremely foolish if they were to lose on their offer, which looks like a significant risk.