I think you make all good points in this post.  One thing though that I think unfortunately probably is NOT the way JT and the board look at things and that is that the share price is "floundering".  I don't argue with that assessment, but considering the share price was at less than a dime less than 2 years ago, I would think that his board and CEO in reality think that the share price at 40 cents is acceptable and actually take credit in a positive way for it being over 400% better than it was 2 years ago.  Again, NOT my feelings, but if JT and the BOD were to speak candidly, I'd bet they'd say that and they'd say that $2.25/share was irrational exuberance by the market.

In some ways I can't fault them if they feel that way, but if they do and are contented to ANY extent with it, I would lead the charge to clean house of all of them.  I'm hoping, based on what Turley says, that he is NOT content with the share price, and he better look into his true self and believe that it is completely unacceptable to be content with this price.  If he is approaching the M&A activity from that mindset, I'm good with him.  If he is approaching it from any aspect of "we're 400% better off from where we were 2 years ago and that should be good enough for now", then he and all of the BOD should be fired on the spot.