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Allis-Chalmers Energy Inc. Comm Message Board

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  • slimsitch01 slimsitch01 Jul 31, 2008 12:39 PM Flag

    Wexford Explains Why NO DEAL

    This Wexford letter puts a new spin on the ALY-BRNC merger (that is Merger mind you). Look at Wexford's chart (about first of Jan. '08 when the deal was signed) you will see a decidedly low for Bronco Drilling and ALY at that time, it is no wonder a merger with ALY (infusion of capital and all) was just what BRNC needed. Wexford, with as much experiance with Bronco as they claim, had to be aware of what was going on. The interesting part of this (MERGER) is that Micki made sure BRONCO would pay dearly if the deal was cancelled. Seems if Bronco wants out due to "sellers remorse" now that the drilling Market has turned, so be it but be prepaired to PAY UP. One thing more that is interesting here, Wexford thru '07 had sold off most of their BRNC holding's (looks like they had givin up on o'l BRNC as had most of the insiders). Hmmmmmm? [slim]