I don't CARE whether the market "agrees" with me, on a day in which the market is selling off like it is. The bottom line is that they are projecting a sales INCREASE for the Cobra division, and the entire company, in the 4th quarter. That's an impressive enough turnaround, considering the Cobra division was down 20% in the 3rd quarter. Granted, we are anniversarying a very bad 4th quarter, so the comparison SHOULD be easier. But what I'm thinking is if the Cobra division is up, say, 5%, and the PPL division is up, say 30% (in constant currency), that consolidates to somewhere in the ballpark of a 10% increase in revenues for the 4th quarter....nothing to sneeze at in the least.

Meanwhile, when the British pound reverses itself, and strengthens (which it will), that is going to provide an additional tailwind.

Sure, there's leverage risk here, but the core business has value, especially to someone else (as you rightly point out). So while I have no proof of this claim, I strongly suspect, even if COBR "got in trouble," that they could sell the company for a significant premium to the current market price. Whether or not they "should" is determinate on just what kind of traction they get with their new business initiatives. So, unless there is a buyer out there for $4.50, minimum, this 4% holder wants to see the current management's business strategy play out....for at least the next 12-18 months. My own personal goal, or hope, is to see 40-60 cents in EPS again, within a few years. Would that get the stock back up to $4-8, if it were achieved? Probably.