I saw the 25 million deal that went through at $2.25 a share which was just below market rates.
Assuming things are worse and you could again get just below market rates would it be unreasonable to assume you could get it at .75 a share or ~54M (72.04 * .75)?
Equity is worth $80 million (and dropping). A buyer would also have to deal with about $500 million in debt, probably repay it.
Equity is worth 80 Million. He was able to take control with $25 million when the share price was ~2.5x of what it is today. So for $10 million you could take control. Why couldn't you spend $10 million and then declare bankruptcy canceling all/most debts? Would you be better off letting them declare themselves and then going in and buying the the assets your self?
Problem is if borders declares BK, it will wipe out your equity and give control to creditors. If you thought BK likely, better strategy may be to buy debt if you can.