Just read new comments on SA article claiming meeting took place yesterday with Parsons
Supposedily an update should be made public a few days after the meeting, so I guess we'll see. Again, this is just from a comment board so could be BS, but if anyone on the board knows more please share.
Seems like the management of both PIP and SIGA do not consider a lot of "Material" information to be material. Like back a few months ago after 90 days had just passed for a decision from the SC. Only by a leak of a document by a board poster did we learn that the 90-day period started after the SC Justice got over his 2 1/2 month sickness (vacation). Instead of 90-days to litigate the case, the SC of Delaware took nearly 6 months due to a "material" fact that neither company disclosed.
So, what is taking so long for the Chancery Court of Delaware to come back with an award amount? Other cases take them 10 days or so. I can understand that this is a more serious case to decide, but 30 days seems to be a very GENEROUS amount of times to decide on an outcome. I was never very good at watching paint to dry, but the SC and the Chancery Court of Delaware are the SLOWEST courts I have ever seen when it comes to making a decision.
If either company is stalling so that a merger can be consummated, the results of the meeting the other day should be disclosed to the shareholders. The very tight trading range of PIP on a very large rise in the markets and the minimal rise in SIGA on many up days in the market indicate that one or both of the companies are about to be bought out. The lack of a news release from the CEOs of either company about the meeting the other day seems to support a buyout scenario.
Never have I seen such a bunch of oafs such as the CEOs of the two companies. Total lack of regard for disclosing material information to the shareholders.
Not sure if that meeting ever took place on Wednesday. It was just a rumor from an SA article. One guy posted an example of a case that took 8.5 months for a revised ruling after the appeal, and that was for $22,000! Not a lot of info coming out of the companies, or the court.
If SIGA can fight back to green today it would be very positive after the rough start in the morning. Three green days would seem to confirm a bottom has formed for this channel. JMO