I know that we have a difficult time trying to understand why the shorts are involved in this stock. At this point with the sell down of E/Ant. underway it seems particularly vexing. The crazy posts from most of the shorts don't help either. I would only add that with most any deal they will find fault and may have some continued success @ keeping the stock lower than it should be or would be without them. In this eventuality, I believe that the company may have a plan for these shorted shares that will make us longs smile and refiling/ expanding the shelf could provide the rocket fuel.
Of course you have a difficult time understanding the short position,
It's very complicated.
-The whole ~3.5Billion, with a "B", business is valued based on a supposed gas asset that they've had for a number of years that they haven't been able to sell. Meanwhile, OilSearch doing business in PNG has had no problem selling natural gas fields as evidenced by their sale in October to Total.
The only other material "asset" the company owns is a money losing refinery they bought for 10million, with an "M".
-Biz is running low on cash and burning at a fast clip,
-The business is highly promotional, even going as far as getting the Guiness book of World records involved. 200+ press releases over many years, with little to no actual results.
-Just filed a highly dilutive, $1B shelf under the guise of "fiscal responsibility"....(choke)
-Management has decade long record of promising and not delivering,
-Nepotism (Vinson, Ron Mulacek, Pierre Mulacek and more), amazing delays, and Phils "bad faith bankruptcy"
-Byker oversees Calvin college finances running into the ground giving no transparency to board
-Management tied in with shady characters, Civelli, Belesis, Casserta, etc
-Duma hates the company and just last week puts out full paid ads to supplant his point,
-Inside management sold shares big within last 9 months, AGAINST ZERO BUYS
-Brother Pierre and IOC co-founder is now on his (at least) 2nd O&G biz (Fresh Energy LLC, btw, with the same office address as IOC in The Woodlands) after his last one (Arkanova) with their 2 employees zeroed out.
And of course there is ALOT more........but I"m tired of typing.
It's now March 19th and all we hear is crickets,........Houston, I think we have a problem.
While we wait look at the games of the (you pick) market makers, short algo's. Look at the drop off of the stock today down a buck on little volume. Then the share price rises with more shares and over a longer time and then all of a sudden another drop on low volume. Rinse and repeat for 7 days.
Ellerslick I mentioned that afew weeks ago and also indicated that it took significantly more buys to raise the pps than it did to lower it an equivalent amount. I believe we call it manipulation.
The big shorts or longs force the drop to happen in order to accumulate more shares at lower prices.