The M&A expert thinks that the Facebook deal got done by a deadline and in an instant... that's idiotic!
If you had any credibility you would have: 1) invested more than $1500; 2) know that with lawyers things take much longer; 3) know that the press releases were very well written and had to pass the scrutiny of securities lawyers yet they were still revealing as to what IS HAPPENING; 4) know that the board has a duty to maximize shareholder value meaning that if they got ANY last minute potential bidders that qualified as "serious" they had a duty to delay the deadline to get the best price...
As I large shareholder, I am not happy the stock slid to where it is but I'm happy with my current return and the current management who appear to be turning the company around.
I strongly believe the company is doing what is in the shareholder's best interests-- notwithstanding the fact they have to by LAW!
Yet, you keep toting your "vast experience" in the auction arena and wasting your time investing $1500 on a "gamble" due to "a slow day"... give us a break... go day trade an OTC or Pinksheet that you can manipulate and claim to all your friend that you're up on some B.S. volume that you created...
"sell crazy somewhere else, we are all stocked up here..."
Let me clarify-- on the one hand you're knocking the stock. Yet, you're telling us you (irrationally) bought into the stock that had no basis in going up-- rode it up to the $3's and got out... all based on unsubstantiated momentum?
And you say you're a rationale investor?
Not always a rational investor.
I had researched the stock back in 2008-2009, there was a lot of activist investor stuff going around, so dug into it. After research and discussions with colleagues, that is when I formed the view that it was a "hits driven" business, with no hits in the pipeline.
I was poking through past targets earlier this year, and saw the auction announcements and recent run up. I took what was largely a gamble for 1,500 shares at at $2.39 on 2/16. My theory was that there could be a frenzy on the auction, and at the time, the company was trading for less than the after-tax appraised value of $189m (or whatever the exact number was).
Happily watched it go up, and saw it go well above the after-tax appraised value, so got out at $3.54 on 3/29.
Lucky little gamble based on limited hard data.
But standing on the sidelines, I stand by my view that the delay announcement is most likely a sign that things are not going well on the sale.
Here's another example from my auction experience. If you have a competitive bidding situation, you hold firm to the dates, and tell even late entrants they have to hit that date with an aggressive number to participate. And if it is really competitive, buyers will deal with those time limits.
Its why some of the largest and best companies are able to close deals in weeks (or days in the Facebook / Instagram $1b buyout), while middle market deals where there isn't the same uniqueness take months or years.
If PRXI had great offers, they would have gotten them done. They didn't, and what bidders there were probably had lots of caveats and additional diligence requests, and PRXI had put out the auction target date publicly, so had to update. They obviously can't destroy whats left of their "competitive" process by saying things aren't going well, so they left it nice and generic.
I wouldn't short it based on the unknowns, but I think the prospect of massive upside is gone / priced in appropriately.
Not sure if you are talking to me or not, I have a number of idiots on ignore.
I have not sold a single share of PRXI.
I bought it 5/21/09 at 70.01 cents.
Just because I hope it might have more upside doesnt mean Im irrational.
Irrational are the idiots who think $500 million with no income taxes is a shoe in.
His credibility is zero, is my point. He plays games with thinly traded stocks. Everyone here knows EXACTLY who he is.
This was the scam company I thought I remembered him from, he had that one right, as can be seen from the SEC action (co name Great White, ticker JAWS): http://www.siliconinvestor.com/readmsg.aspx?msgid=18175478
Robert Monksi--you have giant balls to post that on here. You have been sanctioned and fined by the SEC as I have alluded to earlier in posts, shall i post the links again? EVERYONE here knows who you are and nobody cares what you say. Get a life.