SAJ is right. The results indicate more than the expected number of people/institutions wanted to hold onto their shares. They were given the chance to bail and didn't.
Actually, the shareholders can sell anytime they want to. TRB is listed on the NYSE which is open from 9:30am to 4:00pm EDT every business day. Various after-hours electronic markets trade it, too.
But no matter how you slice it, the board voted to borrow money to prop up their stock price. Companies can only do that for so long. Sooner or later TRB will have to figure out how to deliver enough eyeballs to advertisers such that their revenue will grow faster than their expenses. It's not really complicated...
My intent always was to express that the liberal management in their efforts to add to their shares fell short.
My intent was to express that the Chandler Group was going to continue efforts for sale or breakup of company. And they would not tender any stock in the auction.
I am sorry that my use of buyers is not clear.
Would this replacement phrase be acceptable ? ... Dinos got fewer offers than expected.
In any event, I was not and I am not now trying to spin my way out of an out right error.