if you've got one of these frothy valuations and can find another company that will take an all-stock deal you're basically buying a company that hopefully has

if you've got one of these frothy valuations and can find another company that will take an all-stock deal you're basically buying a company that hopefully has some real assets underneath all the foam, but if not you're paying with waht is essentially self-minted fiat currency. In the meantime you better believe the insiders are quietly converting to something more concrete.