It seems like the "great PNNX debate" has died down on this board. I recently reviewed all of the information that I could find but have more questions than answers. This will linger on as the trial is set for November. PNNX still trades but does anybody know what PNNX actually consists of at present? Is it just a lawsuit? Are there any offices? Are there any operations at all? Do they have any cash? Does anybody have any history with the supposed "lend-and-bankrupt scheme" of which SFD is accused? Aside from the obvious "pump-and-dumpers" does anybody have any prior experience wich would make them feel that this suit has an outside chance of a win or settlement? The only factor that I can think of is that a jury can do anyhting no matter how insane. Reasonable (i.e. Please don't try to hype your positions.) responses are welcomed. Thanks in advance.
I am not going to pump PNNX or against it, but to anwer your question...there are no offices of PNNX, or operations remaining of PNNX. The new company is Showcase Foods and it is owned by Smithfield Foods. You are right,...juries could decide anything, especially in PA. However, that is all PNNX has right now is a lawsuuit by the PNNX shareholders. What I had heard is that the PNNX suit consists of "allegations that the board meeting notes had been changed" and that Smithfield intentionally led the Company into bankruptcy which on the face of the allegation sound mighty stupid to me...and that is all I have to say about that.
My guess is that their law firm took the case on a contingency basis. Relatively low effort, high reward. << Smithfield intentionally led the Company into bankruptcy >>. Sounds like they shouldn't have been running a business. They'll need to wheel Grandma into court dressed in rags to get jury sympathy on this one.