I once compared the descent of this stock to a $10 hooker. It has now gone below the depths of the aforementioned Titanic. Just when one thinks the bleeding is over, another blow for the Wall Street wizards sends us reeling into the chasm of disbelief. I have been devastated by this market for the last 2 sessions and am down in the mouth more than at any other time in the last 3 years. What is one to do?
i believe,gabelli believes and nbc believes pax is worth a lot more than its present level.my sense is that the decline is coming primarily from two sources: people who believed pax was only a spectrum play, and people who got increasingly disgusted with the overall market. please take a look at 3 stories you may not have seen: www.emonline.com/shales/index.html www.eonline.com/News/Items?0,1,5319,00.html www.k.com/bwdaily/dnflash/apr2002/nf2002048_4619.html
i strongly believe that either the arbitration will be strongly favorable to pax,or come september,nbc will willingly sell back their position - perhaps at some premium- to pax.and even if neither of these events takes place,come sept. 2004,pax has the right to buy out nbc.a takeover of pax at a premium price would surely follow.
bud has been quite explicit in his dislike of nbc, and ,as indicated in one of the above-referenced stories,nbc is none too happy either.bud is a man who wants to sell his company now,not perhaps to nbc in the future.moreover,bud seems implicitly confident that he could fetch more tha $22 per share.