I will step a side and let you "cook" here. We all will wait for your return and analysis. I breezed thru the numbers and realized I'll get back in this stock when I don't need a CPA to read the books.
You are right about the auditors. I thought about the scare tactic angle but we all know this would never happen. I really just wanted to share the article with everyone. Like many here, I am in the wait and see mode. What optimism I have is very, very guarded. Thanks.
Flipper, like you, I look forward to a "simplified" summary of these statements and potential implications from NewMk, and numbers people like le_chacal, and others, who can add valid positive input. I repeat, valid, not far out what ifs. I agree, the numbers look like we expected - BAD. But they are at least out on the table. It is now time to start building again. OK, Pacific Life, get your proposal submitted in final form, put B/F on 5 day notice, and let's get the proxy out to the shareholders - large and small, from Dreman on down. Have a good weekend folks, our time is coming.
What need our old pal GeneralJack back to discuss a few laws of "gravity" and stocks. This stock has so much technical damage it will have a lot of down gravitiy for awhile. The term is "stock overhead". The guy that wanted out at $10, and $9 and and and...that won't miss his change when it hits his price again. I don't see a panic to get back in. If this company pulls out there will be plenty of upside.
I'd rather get in a $6-$7 and deal with a good story with technical damage versus an unsure story with technical damage. We've had so much MIS information over the last year or two, nothing can be taking for certain. Fool me once shame on them, fool me twice, shame on me.
I will step back in at the end of the rights period though, depending on the volume of traded rights and the price. I still would love a convertible preferred though. It's by far a better way than the common on these situations, they ain't fools at Fortress.
What disgusts me in reading through this material is not only seeing that the BOD is still even considering the Blackstone deal but that they have the right to meet the terms of any agreement reached with Pacific Life.
That the BOD has granted these thieves this right naturally discourages competing offers, especially in light of the fees they recieve and the costs other suitors must bear. It is truely an incestous deal.
But to find our that even if against all odds an agreement to save PZN from these people can be made workable by Pacific Life, they STILL might hijack our company is damnable.
Lawyers deserve every bad comment when they sue immediately following every downturn in market price, but in the case of PZN they have an open-and-shut case.
will look forward to further review from you on 10k as well. The litigation seems to be a major concern for the company as well, although I don't remember seeing that it had to be settled before doing either deal, is that in the 10k?