There is a middle ground for an activist, I would have thought. Preserve the cash by stopping the bleed, maximise the value of the business either for sale or a market re-rating - then exit to a strategic buyer of their line at a premium. It would be irrational to do anything other than to maximise the value of a $30m a year business, even if that's just readying it for sale.
Although, this being said, if the business can't be brought back quickly to cashflow neutral on a no growth basis... I can't imagine much tolerance for cash burn.
There is a middle ground for an activist, I would have thought....
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