People keep saying that they already got a bid for $13 so it has to be higher than that. But we know thats not true, given how bad the company did last year. Last year's "bid" doesn't matter. It's like the RAC board and executives bought a 2017 Honda Accord for $25,000. They drove it 30,000 miles and even got into a small wreck so there's body damage. They try to sell it for $25,000, because, "well, that's what you offered me last year?" Sorry guys, it's depreciated and you done messed it up a bit too in the meantime! Prior bids mean nothing because the profit margin is down over 50% year over year, and no buyer is going to give you "credit" for the proposed alleged cost cuts you made. No one pays for a promise. They will be lucky to get $9 because that's still higher than fair value.
This is one of the worst analogies I’ve ever seen.