The same way people slow down to look at a car wreck, I no longer have stock here but occasionally look to see what's going on. Though he didn't need to, Verado has been very up front warning people about the problems Miller has. He's been right so many times, meanwhile all of the company shills keep trying hard to convince you that this company can survive. Do yourself a favor, get out while you can. This Co is running on fumes and will have a very hard time continuing to do business in Alaska. They have burned just about every bridge conceivable and owe everyone money. They may continue to limp along but why bother waiting to watch the rest of the train crash in slow motion? With about 6,000 other sticks to invest in, try another!
Sam and pa1702, you seem like decent fellows. The academic discussion is alright to have. Miller is not going to survive. Bankruptcy is the only endgame. I think all common stock and probably all of the preferred will be worthless. Complete mismanagement for years has been its undoing. Had they been fortunate enough to find huge oil finds in Cook Inlet, or even if APA or Hilcorp had found huge fields, Miller would have been bought out. None of that has happened unfortunately. The combination of several failed driving efforts, huge capital expenditures, bloated staff,rampant expenses over and above what was appropriate,and $50 oil has finally combined to put the squeeze on Miller. Sell, move on, forget them. I sold in the high $3's mostly, thanks to Verado. Unfortunately, though my initial purchases were in the $2's, I drank the Koolaid in the $6-7 range too. Good luck to you!
Seemed like we were going to get rich. FDA killed us. AMRN has been in stock purgatory for years. They may have a drug that is helpful but the requirements by the FDA have essentially killed this stock. Eventually, when the results come out, the price deserves to go up but what I sense happened here the past week is a pump and dump. With average daily volume of 3M and recent volume 10x that, professionals are screwing with the common holder. The 60c drop the past 2 days was telling. My heart goes out to the long longs but I sense that your true payday is not for some time to come. If you got in below $2 and made a tidy profit, move on and thank your lucky stars. If you're looking for $4-5 soon, I doubt you will see it before their final results are announced! Good luck, beware the Wall Street sheisters!
You say thousands of puts were bought yesterday? Then if so, those puts are worth much, much less today. Maybe you need to rethink that what actually happened was that thousands of puts were SOLD yesterday, probably by the "activists" who knew what they were going to do today! If you are concerned about dilution, then buy your puts today, after the stock has spiked!
Mantz, I concur with Verado that Miller is losing about $750,000 a month on Badami. That equates to roughly $10M a year, give or take. You can play with numbers all you want but the simple fact is, Miller owning Badami right now is a drain on badly needed cash. They are very close to missing the drilling season, if they haven't already. Without new oil production there, the costs increase as they need more frequent pipeline monitoring with decreased production. Try to twist it as a positive but Miller needs real increased production of oil and gas which they just can't get right now. They are bleeding money, can't pay their bills, need to borrow more money and are for all intents and purposes in an Élan-like death spiral c.2001. Some here may get that reference. For the rest, the future doesn't look good. Verado is doing you a favor. Listen up!
Verado, QED! Anyone who willingly invests in Miller at this point has been warned in great detail by you. It's really hard to refute those facts. What I haven't heard discussed is the $50M they owe their vendors currently. The new poster massivad seems to be a company insider and his comment about partnering or monetizing Badami makes sense since Mill certainly can't afford to drill there now. The idea of Mill expanding to the North Slope is preposterous based on the team they have assembled. ASRC or Exxon may be willing to be more involved there, but why rush? Sit back and watch Mill implode, then grab the pieces at cut rate prices. Badami needs about $75/ barrel to be break even. Others can do the math. Your efforts to educate are appreciated.
Badami is costing Miller between $750,000 and $1M a month. They might be able to sell it. They might be willing to shut it in. I doubt that they are going to be able to proceed wit their plans to drill there any time soon.
Interesting, I thought the drop yesterday on low volume and no news was slightly unusual. Maybe we'll see a filing soon. Trying to dump 700,000 shares at this level will hurt someone!