10 years of zero return? come on? this hasn't traded above book value in a LONG time. shareholders clearly don't view management as fair.
the stock had gone straight down since the jump on the recommendation. 180 to 140. folks are not covering here. they are playing for the end game.
i hope they are wrong of course.
i am rather suprised that the company did not disclose the fact that they did not pay interest on their debt for over 6 weeks. i would think shareholders should give the company major grief over this.
stock was surprisingly strong today given the news. i guess it's hard to sell at 7 cents if you owned it at 160 pre reverse split.
good luck longs.
the only recourse you have is to the independent directors.
look, i don't want them thrown out. i think they have made some mistakes of course but they have done many things right. i just feel like they dropped the ball on capital allocation. However, given the stock price we have another bite at the apple.
a couple of the top 20 holders have been selling over the past 6 months (obviously with lots of buyers from top 20 also) - a few guys i see perhaps continuing to sell.
have you sold your shares and gone short?
which sell side has 2.2b for pbc. csfb is north of 1b. bmo is 900mm. i am using 750mm. that gets me to my 150 downside price... the upside cases you highlight are crazy high.
GILD seems to think they have their own special sauce to figure this out...
highly unlikely that they get 300 given stock is at 140. maybe 240 and a small cvr thrown in.
if i were them i would take that.