Berry Petroleum (BRY) has cancelled the shareholder vote regarding the merger with Linn Energy (LINE) and LinnCO (LNCO). There's little action in either LINE or LNCO, but both tanked into the close yesterday.
I just got off the phone with IR. The SEC work is still going on, so the scheduled vote at BRY was canceled only because of the delay finishing the approval. The next thing we should see is the proxy and after that approval and vote. This should absolutely not be considered a cancellation of the merger.
This also brings up another point DO NOT ASSUME THAT EVERYTHING YOU READ NEGATIVE ON LINN IS TRUE. There is a short attack and there have already been numerous instances of media being used to give credibility to false stories.
Berry Petroleum (BRY) said the record date of June 24 postponed until proxy becomes effective, with vote on LINN Energy (LINE) deal to take place afterward, according to Bloomberg, citing a statement from Berry's investor relations department.
That is the revised corrected story. The truth is there should never have been a story. Bloomberg was duped or paid to run a story implying that the merger was off based on the vote schedule being moved. Now they run the truth but fail to mention their false story caused a plunge in shares greatly benefiting short sellers who pushed the story!
ya, well THAT reporting was WRONG!!! What was up with that? Big difference between cancelled vote and postponed!! Who ever posted that from NYSE... or where ever.... should be hung!!! I am getting too old for misinformation like that!!!
you are definitely a short pawn with a misleading post if there is no other news since last BRY press release. What new delay are you referencing. i went to BRY website. The last "news" about anything on their site was from May 31 when there was an update on the merger. We already knew the vote / merger could not happen until mid August. Either post your link / reference or go back to your hole.
Poorly phrased press release by "Midnight Trader". What is happening is the vote has been postponed until the SEC finishes their due diligence and the Gov't has never been timely in anything they do.