Excellent analysis, Andrea.

The only additional driver that I see could adding value for us in the buyout scenario is that an acquirer wanting to control POET would in fact be doing it for 2 reasons. One is to secure future value in profits, and the other is to prevent others from controlling it.

We read on a regular basis about how a company like Apple remains frustrated to have to buy components from rival Samsung. I believe it's possible in this 'perfect storm' that management orchestrated we could see a buyer trade some future value for the chance to be first-to-market with new technology. This means a higher buyout offer than if they were simply buying for future profits. This *could* mean a bidding war. This would be my preferred outcome - an auction. Admittedly, this scenario would take impeccable timing on the part of managment...

My strategy for POET following a buyout would be to acquire shares in the buyer (if possible) and then follow the patents thereafter to see who is licensing it to create new devices as-yet unseen.