My opinion is as follows:

TPGI's shares will trade in a range from a little over $2 (since at that price management was unwilling to issue shares, stating that they were "inherently undervalued") to a high of just under $3 (since no rational investors will risk biding the shares up to a level where managment will once again think they are high enough to commence an offering that will only drive the price down again) My actual guess is we will be stuck between $2.25 and $2.75 forever, or until the threat of a renewed massive equity offering is gone. That means they need to raise capital some other way, or sell the company, or go private, etc.

I think the best thing now would be for management to take TPGI private by an LBO. They can offer shareholders about book value ($5.12 would make me happy) and take us out for only $130 million total. With a little extra capital they can nurse it to health, and prosper/profit handsomely over time.