Takeout offer incoming? The stock continues to trade at irrational levels. The overhang of the unissued shares has been cleaned up; the only thing the market is waiting for is the share sale from Norm for tax purposes.
Ignore the Goodwill, slap a multiple on this based on its cash flow (and cash flow potential). Should transact north of $8.00/share.
Gotta be private equity waiting in the wings, the debt is not unmanageable and at a certain point an investor (PE) will make a move. No one shareholder holds enough to block a reasonable offer (even if many are holding "heavy bags")
IMO