Ryan, you have it exactly right.
I bought back into it a few days ago, since I had raised some cash. Figured it was a good place to store cash - it's reasonably liquid and the takeout story should keep it afloat. Takeouts come as a surprise more often than not. Sort of like watching your toaster. Remember, NAK was supposed to have been taken out, too.
If it does get taken out, great. If it runs up on more speculation of a takeout, I'll sell.
(Of course, if it did get taken out, Ed would be completely stuck. According to him, the only possible way to make money in the stock market is to buy KMK and hold on for dear life, lol.)