WSJ Bancrofts: Hallucinating Again...or Just Stalling?

The NYT reports that the Bancrofts have "refined" the ludicrous proposal they made to Rupert Murdoch a few weeks back in which they, not he, would have control over the selection of the Journal's senior editors.  The proposal was absurd, in part because it would have left ongoing operating decisions in the hands of a fragmented family that already has no interest in making them and in part because the main point of buying an asset is to be able to control it.  So Murdoch politely dismissed it. 

But now, the Times reports, the family will present a refined version of the plan, which sounds little different than the prior version.  This means one of three things: 1) The family is still hallucinating, 2) The new plan is unenforceable (which would be allow the Bancrofts to save face and still give Murdoch what he wants), and/or 3) the Bancrofts are just stalling, hoping a more respectable bidder will emerge.