I wonder how much it will cost Patriot to execute a reverse split. There will be legal fees to draw up the paperwork, SEC fees, costs to notify shareholders of the proposal, costs to notify shareholders of the decision, costs to handle fractions, etc.

Similar for the German exchange(s) - this might be a great opportunity to just delist in Germany and get that very questionable channel shut down for good. You may recall evidence of the BoD order to shut down many years ago but nobody ever doing it. Clearly someone "in the know" saw a reason to keep that channel open. Add it to the list of questionable deeds and misdeeds over the years....

If the cost is about the same as buying back and retiring 50 or 80 or 100 million shares, why not do that instead of making the lawyers even richer?

This should be a CFO/CEO decision or recommendation.