Short sale bets are at 2 weeks of normal trading levels & 15% of Cap.Betting against lift costs of $23.46 /barrel(down 29% of previous costs).This is a 44% increase in production from July 31,2011,over 46,800 barrels shipped in Aug 2011, production levels will soon exceed previous levels of 4,900 barrels/day.Can't bluff, or fold the long bets with the National 1320 rig being assembled and the $100,000 million debt facility.I see a change for an increase in stock value and resulting buyin panic in short positions that will cause a price spike.That could trivialize the lawsuit positions and show that money lost on Mill stock was caused by thin air,bad investor research, and panic seller's courage.
I have a recollection in re the raft of class action lawsuits. First they will be consolidated into one suit. Secondly, the CEO said on the investor call that took place just prior to Labor Day that the company's insurance would cover any exposure from what seems to me to be frivolous litigation. Is my recollection correct?