I wonder if Mr. Swenson had anything to do with the shut-down of the PDEX message board? I think it very odd given the tone of the opinions regarding what I consider to be a self-serving rights offering of PDEX shares. Keep an eye on this guy, and keep an eye on your pocket.
I disagree. But for his intervention, the stock would be trading under $10.
The company under Clark was stagnating. Ridding the company of prior management was the most positive event in the last three years. Clark and his hand picked Board of Directors never bought a share of stock and were more focused on thwarting Swenson then trying to grow the company and improve earnings. He wasted a lot of company money on attorneys fees relating to the proxy battle that he lost.
Swenson owns over 20% of the company and he is still buying. He has my vote of confidence and i have not sold a share of my substantial stake.
I believe the company will be a lot higher by year end.
Like Pete Townsend said..."Meet the new boss..., the same as the old boss."
I supported his proxy fight at PDEX. It sounds like the situation may have been similar to AIRT, but I haven't followed what happened on your end. At PDEX, he's diluting the stock with a below market price rights offering with his own companies having the rights to any unsubscribed shares. As PDEX doesn't need additional funding, it appears he wants to use these funds that he now controls for unrelated investments, therefore, if you don't subscribe to your rights, you get diluted and he picks the shares up at below market. If you do pick up your shares, he gets the money to invest in anything he wants on your dime. This is sleazy self-serving behavior in my opinion, and it's the reason I no longer have any confidence in Mr. Swenson.