I’m not clear on some of this. I understand that Merchant /...

I’m not clear on some of this. I understand that Merchant / turnthepage are looking to salvage *some* kind of business from the ashes, but what is their endgame? Is it to buy up cheap stock to gain a controlling interest (51% would cost around $12.5m at the current price), then wind up the company to get hold of the $30m cash it has? For their $12.5m they'd get $15.3m (51% of $30m). And of course the more they bought the more they'd make. And, as has happened frequently in the past, if they actually got a controlling stake would they be doing their utmost to get more than their "fair share", sacrificing the smaller shareholders in the process?

...actually, that may be exactly what Merchant / turnthepage are ultimately aiming for: remove the current board under the guise of "protecting the company, looking after the shareholders", install people friendly to Merchant / turnthepage, then trade-off the smaller shareholders.

I am strongly of the view that Joanna should be removed, but I’m unclear, if not sceptical, of the Merchant / turnthepage endgame.