Does anyone know why Osbourne is selling and what percentage of his total shares is he selling. You would think that with the dividend he is getting he would not be selling if he believed in the company. Honcho
shorts will flood the board trying to talk the short down so they can make money, if your long on EGAS use their attempts to push the price down to add alittle to your holdings then when the price nears highs seel what you add this stock is a div play more than a dailt trade or nat gas plat, it is a utl not a producer/driller, thus nat gas prices should not effect it much unless managemnets is asleep at the wheel and gets caught with hedges of rising nat gas prices as it will eat into profit margin
I got out of this today. I'm tired of Osbourne using it as his personal piggy bank. The John D.deal that we are supposed to vote on gives him top dollar with no accretion to EGAS earnings. If the company he is selling does well he gets more EGAS shares. If the company does poorly no penalty to him. Also, it is a risky business.
The company booked a profit on last yr.'s purchase of Independence Oil even though it lost a bunch on money. Give me a break!
EGAS has some good assets in the regulated gas business. They should stick with these and forget the other crap.
When in doubt Google it. Remember that earlier Osbourne was trying to sell his gas production company to EGAS but it didn't come up for a vote thank God. At least there doesn't seem to be a problem with EGAS.
Osborne vows he and his companies will overcome legal woes
Business owner Richard M. Osborne said he and his companies will overcome a round of legal troubles involving foreclosure and bankruptcy proceedings.
Osborne and a number of his companies are defendants in three foreclosure cases currently active in U.S. District Court in Cleveland.
RBS Citizens, N.A., a bank holding company, is the primary plaintiff in a $30 million foreclosure case filed on Oct. 3. Among the defendants are the Osborne-owned companies John D. Oil & Gas Co., Ozgas, Ltd. and Great Plains Exploration LLC.
Citizens Bank is the primary plaintiff in two foreclosure cases filed on Nov. 1. One foreclosure is for $1,648,000, the second for $225,000.
The three Osborne-owned companies listed as defendants in the $30 million foreclosure filed for Chapter 11 protection in January in the U.S. Bankruptcy Court in Erie, Pa.
In a telephone interview last week, Osborne said he had paid off $5 million on the $30 million foreclosure, leaving an unpaid balance of $25 million. There has been no payment made on the other two foreclosures.
“We have assets to offset what they say we owe (in foreclosure),” Osborne said. “It’s a matter of negotiating the proper interest rate.”
Osborne blamed his companies’ legal woes on the banks for raising interest rates on their loans to 8 percent from 2 percent.
They changed all the rules on us, and we didn’t have a voice in the matter,” Osborne said. “The banks make bad loans, get themselves in bad shape, then take it out on their good customers. I was never delinquent. It’s not fair. We’re suing the banks for misconduct.”
Representatives of RBS Citizens, N.A. and Citizens Bank could not be reached for comment.
Osborne said the bankruptcy filings were not related to the foreclosures.
“Being in Chapter 11 allows us to reorganize the companies with protection from creditors,” Osborne said.
John D. Oil & Gas Co., Ozgas, Ltd. and Great Plains Exploration LLC are involved in the drilling of natural gas and oil wells in Ohio and other states. Osborne said that as far as he knows, the companies are current in royalty payments to individuals, businesses and government entities that contracted with the Osborne companies to sink wells on their property.
“There was about a 30-day delay (on royalty payments) at one point, which was unfortunate,” Osborne said.
He said his drilling companies have been “hit hard, really hard’’ by a steady decline in market price for natural gas. Last week it fell to $2.253 per 1,000 cubic feet, the lowest price in 10 years.
It will take “about six to eight months” to emerge from bankruptcy and resolve the foreclosure cases, Osborne said.
While I wish there would have been some explination, maybe it is because he is 66 years old and would like to do something with this money for his family or whatever.
Probably did much less damage to the stock selling it this way other than trying to dump it on the open market.
I am long EGAS and now under water, not adding here until more info becomes available.
with leave him with 1.1991,911 shares. This is not something that other shareholders appreciate. An insider "dumping" half his shares without an explanation does not instill confidence. Let's us hope he is not selling before an Gas Natural Inc deluge.