RE: Base Case--gross I have followed INE and have owned it on and off for years, so I agree with you that I'd take their stock.
But think about it.
They just ended a deal to pay $22 million. And they were willing to pay cash money.
My fully-diluted share count here is 43,023,784, although it could be a bit more if the Management./Board have granted any more goodies to themselves.
What is 50 cents a share?
Just shy of $22 million.
Of course, INE would have to assume the debt, but that is not much for a company INE's size.
This might make the rational among us think that INE would be stealing it at that price and that the ultimate price could be higher than 50 cents, depending upon what was wrong with the deal or project approvals (environemental or native?) that kept the other deal from closing.
But there are other ways that a Strategic Alternative could be structured so that the current Management keep their jobs and don't sell the company, but end up with enough money to continue developing the projects.