Guernsey's stand to lose up to 4% of sale price if deal is not closed by June 11th
Id be very surprised if they can stiff the auction company out of 4% if they sell to a buyer the auction company introduced them to.
I had no idea that Davino had so much to gain.
Anyone have the EXACT details of his "deal" ?
I read the conference call last night and my view is they were telegraphing they are aware of the appraisal value but that figure is a pipedream. But, they will keep using that to try to get the bidders to pay more.
Davino's exact formula is redacted, but it looks like the low end of the bonus is 1.25% of sale proceeds. The range is redacted, so it is unclear if he gets that in any sale, or if that first percentage only applies above some minimum level. It then escalates to higher percentages at higher deal prices. See 3(d) here: http://sec.gov/Archives/edgar/data/796764/000095012311101204/c25374exv10w1.htm
As for the conference call, I read the reference to the appraisal value as one that was meant for the bidders. Ie bidders are well below appraisal, and they are trying to push them towards it. So I think it does tend to confirm that number remains a stretch and current bids are below. But, to be honest, it was vaguely more positive than I expected.
As you said before, there is a little upside, and probably more limited downside, but quite frankly a price in the low to mid $2 seems fairly reasonable.
You guys are all hilarious. How much are you short? Because once again...you people make no sense whatsoever...if you are LONG the stock..why would u say its only worth what it is trading it? What is the point of your entire post then? It baffles one's mind. If you have no position then what on earth was the point, even more so? Lol. Never seen a message board more strange. And so your theory is...that all these late bidders came in in early April, as the company publicly stated....and what happened was...they bid way LESS than the appraisal value? They were so interested that they lowballed the bids? LOL. Thats so illogical I do not know where to start.