Out of court restructuring appears more and more the likely outcome and the reason for the hiring of two different firms not just one.
What makes you certain that convenant! will be violated. Do you even know what that convenant! is and how is one violated or are you just just repeating what some shorts have been saying.
Also, even if that were true we talking about another year; alot can happen in one year in this oil market and in middle east.
No new or bad news related to company itself at all. Company is doing just fine with great prospects. Selling begun after HERO's filling. PGN is not HERO. Just look at the last earning reports where it beat both on the bottom and the top line by a mile.
Spoke with the IR director who is baffled by the market's reaction punishing PGN because of Hero. Say PGN doing great and does not expect anything remotely resembling issues mentioned by rumor mongers and that Paragon is here to stay for the long haul and will be one of the survivors and the winners of offshores once the dust settles.
Buy here as this is truly a bargain with market cap barely over 100 mill where they just sold two of their deep offshores for a cool 300 mil and have cash till eternity and are even contemplating buy back shares or paying off notes.
PGN, even at today's oil prices, is worth well over $5/share in this environment. But realistically speaking, for a company with 1.5-2.0 BILLION in annual revenues it should be around $15-20/share.
Remember: BUY when there is blood in the street.
Sentiment: Strong Buy
I also spoke with Lee, the IR Director. Enjoyed talking to him as he was very reassuring about the future as well as the prospector financing or revolver. Was not concerned about Remex at all. Seemed concerned about short-sellers pushing the price down and was very vocal calling the recent down turn in share prices completely manipulated and totally unjustified. Spent nearly 10 minutes or so with him on the phone.
I came away from the phone call feeling much better about fundamentals and prospects although shares are down again.
If you read the fine print you notice that most of their "asset" number is goodwill which is practically been reduced to nil right now. Their cash was just a little more than their recent loses so they were left with basically no money and a whole company to run and employees to pay. Why the heck do you think TWO analysts yesterday have a price targets of 0.75 and 1.50?
Also remember the loses mentioned by the company is what is cost the company out of pocket already and does not include millions lost out of their customers pockets hence the forthcoming multiple lawsuits that could add up to hundreds of million more.
They would have been better of just shutting their door but they holding on to their survival hopes while not disclosing the estimates on customers out of pocket losses.
So sorry but that is exactly what the company said yesterday that they don't expect to recoup any of the lost monies; To verify please read the yahoo news for FXCM from yesterday under the heading to increasing margin requirements. And that is exactly why they basically gave away to company to severe detriment of shareholders; otherwise their only remaining choice was BK.
I also saw both of those price targets but to my amazement the price close at over 3 today which is twice the $1.50 and 4 times the $0.75 analysts price targets (both these reports came out yesterday; Google to see the full reports).
I believe the price jump is mostly short covering and partly manipulation and over and over buying and selling by the same crowed. I think people may have also misinterpreted the press release by the company about raising the trading capital requirements. Sure it may protect the company a bit more against future Swiss like events but heck they will still lose money in such events; Also, raising the capital requirement means less clients (much less if the requirements are elevated a lot). But also folks may have not noticed that in the same press release company admitted that they don't expect to recoup ANY of millions in monies
lost by clients.
Bottomline: stock may be cut in half in short order and may be even more from the current price.
I just saw that too on TD Ameritrade. This is indeed remarkable. I say we be at $8-9 before the end of the year.
Total of 4 new coverages with one at equal weight and 3 at BUY or better within a week's time!!! And folks are not realizing the big boys see those analysts new coverage and have decided to shake weak hands; but retail is also seeing those coverages and NBG's balance sheet with billions in cash and an improving top and bottom lines and so retail is awakening fast. Just look at how the attempts to trash it this morning is already in trouble. Retail is not selling anymore because they know NBG is going much much higher.
GREEN TODAY. Watch and learn.
Sentiment: Strong Buy
Two major financial institutions rushing to start coverage on NBG on the same day! Wow; NBG is getting pretty hot with big boys paying attention. NBG will be flying soon enough.
I saw that also on my TD Ameritrade site but Yahoo not showing it yet. Yahoo was also behind with Nomura upgrade; what is the deal with Yahoo?
We shall overcome.
I am surprised the stock is only up a mere 2%. I think big boys are holding it down to see if they can shake some weak hands and buy their shares. Hang on to your shares..this is a multibager.
funniest thing on this board ever...Buchanan is so dumb that to get to fair value he goes reverse splits and share increases rather than simply look at the market cap then and now; and of course to prove he is also ignorant his fair value does not even mention revenues, earnings/profits, cash, debt, etc at all. and yet he thinks he is smart; well he is not just smart but rather smartazz...
Talk about a low IQ...Have you seen his other post where he goes through all the reverse splits and share increases in order to #$%$ current FV where he could simply look at the market cap now and then? Funny thing is that this idiot does not even look at the earnings and revenues and cash on hand to come up with his FV !!! Wow !
It is all bs. there is NO NEW NEWS since yesterday to justify this going down even a single penny. This is because S&P upgrade yesterday is prompting the hedge funds to crash the price and shake weak hands so they can pick up their shares. S&P upgrade alerted the hedgies about the value of this jewel.
I won't be surprised if we close GREEN today.