If you were someone that wanted to buy out Sage Gold you would want, especially with a large amount of shares outstanding:

1. for any news to be slow coming in , news be delayed, whatever it takes to make weaker holders sell their shares to larger more knowledgeable entities(this could be happening?) The potential buyer could be accumulating these shares thru various entities at these lower prices--so when there is an offer made to buyout Sage-the potential buyer has less shares to buy at the higher buyout price.

If you think this makes sense, i would not sell my shares at the end of the year for a tax loss, and have to wait 31 days to buy my position back(because of wash sale rule). you might have to buy it back at a higher price. Alot of people may sell their shares for a tax loss(that would be almost anyone who bought the stock in the past two years). Sorry for being so skeptical, but bigger, smarter money always wins at this game.