Presumably Mr Dow has plenty of his own cash / shares in PMM. I assume he wants to preserve and increase his own wealth as well as that of the shareholders. You would hope he has a better understanding of his own business than we do. I don't see the downside in the reverse split even if the upside may not seem that clear.

If a major consolidation takes place within the industry then PMM has to be in a position to benefit. If the board (what's left of them)feels this is the best way forward then I don't see at this stage what the other options are.

The companies capitalization is just $1.5m right now. With the 'promising' land positions held there must be intrinsic value well above this level that would appeal to a potential buyer. If Mr Dow could realise a modest $15m from a buyout or consolidation then that would put the share price around 10c per share. I would be happy with that. In these very difficult times at least they are trying to move forward rather than just sticking their heads in the sand.