"So if we can continue the rise the deal still might be saved! We need to be about 32.80 to be safe."
There's no way the BRY shareholders are going to okay the deal until they see the final outcome of the SEC investigation. And LNCO's pps, no matter how high, will not influence BRY shareholders to give their okay until the investigation is complete.
If the SEC investigation shows no LNCO 'accounting' improprieties ten the stock will pop back up to $40++. But woe betide LNCO and it's shareholders if the SEC finds egregious errors in LNCO's bookkeeping. If that turns out to be the case, LNCO will be in real trouble from a collapse in the pps, from lawsuits, and from a negative response from BRY shareholders.
I realize that, my post was using the assumption that the SEC finds nothing which I doubt they will.. the vote had been suspended due to the SEC over a month ago. The sec is investigating non GAAP figures which is totally different than GAAP...
I agree that it likely needs some outcome from the investigation - although not certain if that is absolute if the stock gets back to high 30's - as this is a sign of no issues with accounting. And the entire MLP market place will be changed if the SEC says that LINE must change their accounting practices. Even reading the shorts, they are showing that LINE is following all the rules. I think worst case is some changes overall (not LINE) specifically, but not something that affects them materially. Just an amateur opinion on my part.