All of the PurVac assets are held in a 100% owned sub HPQ Nano by HPQ Si.  These assets represent probably 80+% of HPQ Si. value. PYR has an agreement giving them a royalty to 10% of rev of Nano which they can convert to 50% ownership of Nano.

Therefore any company buying HPQ Si would only be getting 60% of the assets of HPQ Si. PYR could easily beat any offer made and since HPQ Si must act in the best interest of shareholders they would need to go with PYR.

HPQ Si without the PYR agreement is basically a small Quartz mining company. The PURVAC assets if successful will keep growing in value but not the mining assets.

Basically PYR has a perpetual call option on 40% of HPQ Si that pays them 10% of rev or $200000 per yr which ever is more. They will have this call option no matter who owns HPQ Si the shareholders of HPQ Si or another company.