rivkin already owns millions of stock so to imply he is losing...

rivkin already owns millions of stock so to imply he is losing faith in the proposal because he is not constantly buying millions more is rediculous. also the directors only sent their letter out yesterday so give him a chance. it is not surprising that rivkin waited for their response first ( a very flimsy agrument by the way) before sending his letter out, but rest assured it is coming out very soon. i think the 2 outcomes could be:
1) the proposal succeeds and obviously you receive 90c (i'm not sure why you think this would take 12 months to go through as the cash is there now?). then the shares can not trade at negative value can they? given they are turning profitable and cash positive surely they would conservatively be above 20c given that potential share investors that don't want their money in a cashbox can now buy the stock with leverage to the actual business (generally the purpose of buying a stock.). so a conservative return of $1.10 plus i would say.

2) the other outcome is the proposal is rejected. now i think the only way it will be rejected is if the board can come up with compelling reasons to the market that the share price should be higher. they are reporting their profits i believe before the proposal goes to vote so this could be a possibility. if you were a shareholder and the stock does not rise after the profit results and after the board tries to rave on about how great the company is then you could only assume thatif you reject the capital return proposal then stock will return to around the 70 odd cent level which is where they were before rivkin started building a stake. in other words you would not vote against the proposal. however if the board convinces the market about potential acquisitions and share price growth then the stock will rise and it doesnt matter if the proposal does not go through. so the stock price would again probably need to be well over $1.10 after their profit results to justify the board being given a chance to retain the cah in the company for longer.

it has traded as low as 91 c recently as the market got jittery so some investors who bought round 80c probably decided to quit to cover margin calls elsewhere or avreage down elsewhere. however it has all been on quite thin volume and whoever sold at near 90c will regret it i believe. conversely it is a screaming buy if it ever dips close to 90c again.