Fifth, the shares will not crash to single-digits, as some people fear, but more likely, I think, will continue to enjoy a buyout premium, as the market now knows that 1. that someone thinks the shares are worth $60 and was willing to write the check; and 2. the Bancrofts might sell after all, to the right party.

Sixth, if Murdoch can get to $60, someone else can, too, and make DJ a better investment, over the long term, that the News Corp. alternative would be.

So, today, let’s recall Tom Paine:

The summer soldier and the sunshine patriot will, in this crisis, shrink from the service of their country; but he that stands by it now, deserves the love and thanks of man and woman.

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Dean Starkman Dean Starkman runs The Audit, CJR's business section, and is the author of The Watchdog That Didn't Bark: The Financial Crisis and the Disappearance of Investigative Journalism (Columbia University Press, January 2014). Follow Dean on Twitter: @deanstarkman.