An analyst at boutique firm Kevin Dann reiterated PBY as a buy yesterday predicting an extended run this time around and cited many factors. Projected service revenues to be up 3-5% this quarter. DaninFW
what is he nuts - PIRATE CAP JUST HANDED 4.5mm SHARES TO investors - - -ah -- instead of cash when they headed to the doors.. what do you think these people do with 4.5mm shares?!?!?!?? THEY SELL IN THE MARKET FOR CASH!!!!!! maybe a nice price at $10, but as soon as these investors get their shares, they sell....HELLO $8 a share ... where and when I play. . .
This was a quarterly filing ending 3-31-08 so they could have been distributed anytime from 1-01-08 to 3-31-08 and probably have been sold in the market already. Pirate Capital months ago froze redemptions and probably distributed when the price was around $12 would be my guess. There have been many here and on the ADG board concerned on this eventuality. FYI DaninFW