Agree with all that. Part of the reason they can't earn an...

Agree with all that. Part of the reason they can't earn an acceptable ROE is some of their assets are still over-valued - which is why I doubt we will get the NTA of $1.55 in a sale process.

The other problem is the costs as you point out. Management are paid a motza and there is a truckload of directors for a company that barely makes a profit.

Sounds like it won't be too long before a sale is agreed though. If the process falls through then you would expect investors to become more activist.