It turns out that investors may have made a mistake by turning their noses up at the Dolan family’s $30 per share offer for Cablevision. Citi cut the company’s shares to a "sell" and dropped the price target to $27. Apparently the bank does not believe that Time Warner Cable or any other company is going to come in with a competing bid. No, it is just the company all by its lonesome.

If Citi is right, most of Wall St. and the Cablevision special board committee that rejected the Dolan’s offer will look like buffoons. No other company made an offer when the Dolan’s made their first, lower bid. So, why would anyone go after the company at a higher price?

Buffoons, indeed.

Douglas A. McIntyre can be reached at douglasamcintyre@247wallst.com. He does not own securities in companies that he writes about.