The link to the article on the WSJ is here:

http://online.wsj.com/article/SB119240478463158668.html?mod=hpp_us_whats_news

The Dolan's have offered $36.25.

Outside analysis have placed an actual value (sum of parts) of between $42 and $50 a share.

The best possible outcome is that somehow, the Dolans are forced to sell to someone else, or spin off some of the assets (MSG, Knicks, Rangers).

I don't think anything is likely to happen- but if the Dolans were successful in taking Cablevision private, they would be even more insulated and less accountable for their bad decision making.