Don't believe the 'cash' hype. What kind of company in this kind of shape has that amount of cash? I don't buy it. If it stinks like bull....well you know.
I don't think this is a planned strategy of any kind - more like deers in the headlights - deep freeze - hoping for hope - it can't be happening - they really are hopeless managers who got it really, really wrong.
Sub $1.00 price is inevitable now - it's too close to not happen.