So the highest offer appeared to be around $24M for the company, which was based on the company's net assets.

My guess is that the Board of Directors thought Airspan's R&D, employees, products, and rural potential would be worth much more than the company's net assets, but they were wrong. They could have slashed OPEX to $2M a year ago and gave Oak all their money back and common share a bunch of money back.

Party "D" which was the company that was most interested in Airspan will regret not offering more for the company when rural broadband money stats coming in.