Yes, I agree. You can't have a complete company buy out and then receive shares in a newly formed company. You would need a spin off company or the new company would have to have an IPO.

I guess it isn't necessary to do a reverse split but the fully diluted shares outstanding is growing quite large and I think it may be prudent to bring that down a little. Maybe even a 4 for 1 or something. At that point, it will be difficult to determine a value for CUU anyways so it probably won't be impacted like other reverse splits (i.e. the stock price falls).

I would obviously prefer this scenario as we get cash (dividend) and yet still retain substantial upside in continuing to prove up the district theory.

The $5 per share maybe a little steep IMHO, unless there is a complete buy out. I think CUU would trade close to its cash value afterwards aside from some "potential" premium. I'd be totally okay with that!