The market isn't speculating. We have no volume. The market is waiting. The board is speculating, but 95% of the board has no dry powder, can't act/buy upon their speculation so we're just sitting. We're also speculating based on limited information, and vague indirect info at best (Elmer has time to go to Arizona, why is it taking so long etc.) but those don't lead to firm conclusions.

"We're in negotiations" leads to we're going to be bought out 100% or it's sooner than we think (people here are still unsure of both). That leads to speculation that leads to action (buying and volume) which can easily lead to prices that go much higher than fair value - especially with no BFS to base that value on.

I've never seen a company in our type of situation say they're in negotiations and don't expect them to either.

As for the rest of your post...I'm actually not clear on what you're saying.