Without a proxy, the deal can't happen. Since there is a minimum waiting period of 20 days from the proxy to the vote, the vote can't happen by May 1st. Since May 1st is the outside date, this deal is dead. Maybe the merger agreement will be amended, We'll see. I would have thought that that would have happened by now, but I've been wrong before.
What I don't get is why they couldn't get the proxy done. I presume its because Petroflow could not get the financing. But if this leveraged recap is such a good idea, why couldn't they get the financing to lever it up. Perhaps we will never know.
I heard May 1, but clearly that could slip. I am hoping that it is either announced next week that the deal is going thru or that they are pursuing another suitor. I'll take the .75 up from here but $6+ would be nice.