Take a Swing at This One

I have followed ELY from afar for a long time - poorly run company, strong brand.  They have a new CEO who seems like a winner compared to the unqualified guy who took over for founder Ely Callaway.  This stock has been in the sand-trap for quite some time and trades near TBV (about 1.3X).  There is almost $1 per share in cash.  2013 earnings are expected to rebound sharply but will still be way down from recent levels (.28 is the current estimate).    Golf will be introduced to the Olympics in 2016.  It's early to factor this in, but people will start to talk about it this summer.  This seems like a good spec buy, a bet on the new guy who succeeded at ADFG...