Nat - most holders at this point that have been following since...

Nat - most holders at this point that have been following since March I would suspect would have an avg buy price around 30 cents. Lets call the share price 40 cents now. A bid this year with a 50%+ premium will give a 60 cent+ share price. So thats a 100% gain in less than a year. If PRY makes a bid and then meets its threshold ownership level and they want to soak up more stock they may extend the offer, which would give hesitant holders the option to exit. If they choose to remain shareholders beyond that point (which you seem to assume in your scenario, well thats their own problem really). I really dont see that as a "risk" per se? Really what you are saying is that yes its likely the share price will appreciate materially if a bid is made, however there is a "risk" that some shareholders wont get every last dollar of potenatial value. To me risk is not measured by volatility in price or an acquirer paying a little less than they should - risk is permanent loss of capital.

You are assuming that PRY will make its acceptance threshold only 50.1% or thereabouts? Why? I would think to make it clean and position the business as best as possible for the future they will look at a setting the threshold much, much higher?

On another note, and I am just curious here. I see your disclosure as no stock held and no sentiment (although you clearly seem to be implying that the company is undervalued?). I also assume you are the same Nat posting on the boat fund discussion site? I think your contribution to the debate about the company has been great and appreciate different points of view. And I think it is completely within your perogative to contribute even if you dont hold stock. But I am interested to know why you have put so much energy into following and posting etc when it appears that you dont stand to make any money from the appreciation of the share price?