The director controlling the hedge fund owning 11% +/- also announced after market closed that he bought another 400,000 shares today at $11.27 which was just under 1% of outstanding shares and about 4 1/2 million more dollars. That's over $5 million insider buying today..... The press release was worded to insure stock dropped so they could buy cheap. This stock was a buy at $14 and a steal at current prices. Real estate prices have doubled in the last seven years and they are now going to make over a half billion dollars off their real estate. They may not know how to sell parts but by default they are fixing to book about $10 a share in real estate profits. Who cares about 42 cents loss......interesting how they reported earnings (or lack of). Hardly a mention of improving earnings $7 million dollars last quarter or about 14 cents pre-tax. Pirate Fund which owns about 10% is in trouble and stopped redemptions. They need cash. I also suspect a conspiracy to force them out on the cheap. I suspect we will be seeing the one hedge fund buy that 10% on the cheap. Look for the one to have about 25-30% of the total shares soon. One last thought, do you really think the buyers of the real estate would have forked over $166.2 million if they were worried about Pep being around 15 years to lease the properties????DUHHHHH We could even see PBY buy those shares and retire. That would reduce shares 10% and improve earnings 10%. JMVHO DaninFW
When it drops more, say, to the $7.00 to $8.00 range or lower it will be a bargain. Last time the three Mavens tanked, down in the $3.00 to $4.00 range I bought a load and held it until all the dust blew away and all the blood dried. Can lightening strike twice???