Fact: The S4 refile is a change in semantics, not a change in substance. Wording is easy to change! Linn is wise to be willing to change their wording to allow the merger to take place. There really is no change in substance to the company or their accounting practices. Sure this adjustment in wording means that shareholders will need to have greater trust in Linn management. But, just like investors had to trust Linn management 6 months ago, we have to trust management still to pay reasonable and honest distributions. In changing the wording, the merger vote between Linn and Berry can (and will) now go through.
The dip in price over the last week is a dip caused by folks who fear the worst and would rather play it safe than sorry. No one likes being in a position where they have to "trust" another with their money. People have sold in the past week because they lack trust. They fear the worst. This fear is inordinate and is being exacerbated by Barron's and Hedgeye mumble-jumble that intentionally complicates because in the grey-murkiness, people sell shares and their wallets are padded.
Bottom line -- there is no actual/real reason to sell. The SEC is done with their INFORMAL investigation. The S4 is approved. The merger is going forward. Stop fearing, start holding, and start adding to your positions.
Who are you trying to fool? If management had been honest and straightforward with it's initial filings, there wouldn't have been any need to refile. And with management's failure to honestly file, the SEC, class action lawyers, and shorts are breathing down management's neck.
There is NO GOOD NEWS on the S4 refile, none at all. Don't try and fool yourself and others.