The board drove Pinnacle into bankruptcy and now they want to keep their comfy jobs. Making sure there is no shareholder value (no voting power) is the best way to achieve that.
I estimate Pabria´s shares lost about 15 million dollars, so it wouldn´t be smart money either. Or maybe shares were transferred to Nantahala.
Seem some investment adviser called Nantahala just purchased close to 10% of PNCL's shares, according to a SEC filing entered today. Am I interpreting the filing correctly? Anybody know Nantahala?
Pinnacle is making no commitments regarding the cancellation or not of common stock. This link is sponsored by the bankruptcy court. Read the FAQ for investors under general information.
The magazine article you cite says somewhere "In its latest order book update, which was released March 4,...". Today is March 1. Is this article a preview or is it from an old issue? Great if it is current. Thanks.
The question is not so much if their reputation is hurt but if they could go to jail if they were to turn around and sell (since this would clearly strike as market manipulation for profit). Anyone know about this legal aspect?