shareholdervalue,

I think your points 1 and 2 conflict.  Moving on up, like implied by 1, does not jive with "dead cat bounce" in point 2.

We should all stop referring to the people that took down that offer as "sophisticated investors."  There is absolutely nothing sophisticated about what they did given what they were offered.  They have money and they have the right connections and trading activity to get in to a very sweet deal, no more, no less.