Thought about this all day. Something had to happen to cause management to suddenly on short notice schedule the release of earnings for Monday? The most logical thing would be they received SEC clearance to move forward on the deal and they need to get earnings out so they can incorporate the latest earnings in the Proxy for mailing. Yet, they could have other reasons. The most perplexing thing to me though is "why no conference call?" I know the party subject to being acquired (BRY in this case) will usually forego calls, but not the acquirer. In fact, I don't recall ever seeing a large company put out numbers without a call. Perplexing!!!
BRY didn't do a call, but then they were the target. Why doesn't LINE do a call . . . I can't figure it either. They know all the analysts would be lined up to hammer them with BRY questions, but last time they just said, don't ask. Normally a company under stress doesn't do a call because they're in the midst of exploring "strategic alternatives", in other words, getting ready to file for Chapter 11, but that's obviously not the case.
Could the metrics for the quarter be so bad they just don't want to talk about it, and the entire management team is out in a Houston hotel room with cases of booze, a dozen eight balls and six #$%$, just getting absolutely smashed? You know . . . screw it, life sucks, we'll deal with it later. Just file the damn thing and let's get drunk. Well, presumably not.
I think they done it to try in head off a collapse in share price next week. Earnings will likely be good, but not good enough if this deal fails and I think LINN knows it's over. In other words, an act of desperation maybe.
lets think about that, earnings will be good. Good means that they cover the dist and if they show they can cover the dist then this stock really can't go down, I'm not selling a safe 11% dividend for any other opportunity