VT- As did I. Such incredible volume has changed hands - granted alot is in and out money and short covering - that a very large stake could have been accumulated in no time at all. I wouldn't be surprised to see a noteworthy 13D filing hit the wires in the next couple of months.
The stock has gone off the fundamental rails and is now trading based on the management team having lost all credibility. Fortunately, that is a problem that can be fixed.
And the $20/share offer better not come from the IAT Group or I will be the first one on the phone to Bill Lerach, the undisputed king of shareholder lawsuits.
This is pretty much the same management team that averaged over 17% return on equity over the course of 8 years through 2004. (with the last couple over 20%).
It isn't like they have forgotton how to make money in the industry. Neither has the industry fundamentally changed in the last couple of years (except for skyrocketing fuel prices).
Competitors also have to figure out how to be profitable with high energy costs. My sense is that these guys will figure it out first and best.
I would sell shares of any company if I thought management was trying to dupe shareholders. My opinion is that this company doesn't have a history of doing that. During the 8 year period I mentioned, tangible book value per share more than doubled. Not a runaway growth story at 10% per year but very respectable in this competetive industry. Above average hurricane impacts and fuel costs made 2005 a year to forget.
I believe the management team intends to and will get this company back on track (though energy costs will be a drag).
The one important factor I have a hard time assessing is tariffs, quotas, etc. I would appreciate forward-looking comments about these from those with expertise.