LINE has been under a short attack. On Dec 31 there were about 3.5 million shares short; as of June 14 there were over 11 million short. Two weeks ago, Barron's posted its third negative article this year (by same person and basically the same story/argument). Shorts came out big time and drove the price down to under $30. Some large long-term funds (e.g. Cooperman's Omega Advisors) and media (The Street) came out with counter-attacks saying they analyzed LINE and found nothing wrong.
Yesterday, there was one negative Seeking Alpha article. It was not very convencing, but that may have been enough for another small short attack. Hence today's drop in price. (Easy thing to do on an otherwise low volume day.)
Per LINN and Barry management, the merger is still a "go." Shareholders will vote on it sometime in late July. If successful, I expect to see a lot of short covering. Until then, shorts have considerable money invested in seeing that merger get de-railed -- so we may see more negative "news" followed by more short selling.
Personally, I do not think that the shorts have any chance. BRY is 10% owned by insiders; Fidelity owns another 15%; and several other institutional investors (e.g. Omega) own a large amount. Institutional investors have access to professional accountants and research analysts, and my understanding is that the merger is good for both BRY and LINN.
FYI: LINE/LNCO will announce the first monthly dividend in a few weeks.
FSC is a good long term hold but may trade side way in the next few months due to this spooky market. I will buy a bunch if it drops to or below $10 and sell it if it rises above 10.35. Need a big core of it though. Therefore, will commit some capital to this one. Its long term prospect will be stable especially if interest rate rises and IMHO, will be better than PSEC due to its excellent growth in EPS. J