former Wall Street equity analyst here (I worked for a major investment bank covering this sector - think GS/MS/JPM).
it is telling that after 6+ months no deal has been reached (likely zero interest from prospective buyers). why, you ask? simple - the company's assets are simply not worth even close to the value of its debt (equity is worth zero, if you will). under the company's current sub-par sales force and management team, sales have fallen at a rapid pace and bankruptcy in the next 18 months appears imminent. in a bankruptcy scenario, buyer(s) will likely be able to purchase these assets for pennies on the dollar - thus there is simply no need to pay a premium for it today.
this company is a disaster - it is rare to see such incompetence, especially for a company that in recent years had a market cap of nearly $1bn - and none of these guys (management, Board of Directors, sales reps) deserve to hold a job after the mess they have created here.
Ask yourself why institutions who had purchased the stock in the $2+ range are not buying at these drastically cheaper levels ($0.40-$0.60). Very telling - the company is heading into bankruptcy, in their view. Look at the SC-13D/G filings, which indicate that institutional investors are dumping their shares after the most recent earnings disaster brought upon by incompetent management and sales reps, and are not buying. This was the last straw. The company won't be saved or bought out. It's over. Expect to see mass capitulation when the next round of 13F filings are released (institutional positions as of 6/31).
Everyone working for this company - management, Board, sales reps - should be personally ashamed in the way that they have destroyed shareholder value and their gross negligence.