facethefacts101, i would not disagree with your thesis were it not for TLX onerous debt load. I believe that much of GamCo's stock came from exchanging convertible bonds. I think the real owners of this company are the lenders: first Peoples Bank of CT, which is the senior secured lender, and then, just maybe there might be a smidge of value for the unsecured bondholders. The equity doesn't really have a dog in this fight anymore -- the stock is worthless. GamCo has nothing to do at this point but walk away.