I couldn't agree more; This management needs to show a dime worth of support for the shareholders rather than only spewing hot air about how they have our backs. The shareholders are going to have to fight in courts for their rights and for returning those unjustified doubling of the salaries management bonuses back and for going after Noble and others that initially hatched this crime against the shareholders who are now over $1.5 billion in red. This management is disgraceful and would only understand the force of the law.
I get sick to my stomach that I live in a country that allows such criminal and daylight robberies acted against common folks who put their trust an the words and deeds of such greedy actors.
Lets all pursue some of those interested attorneys to file a lawsuit now and even before settlement agreement's announcement.
I am well aware of what is happened to the share price and mis-steps by the management including getting themselves deeper into debt, providing an untimely dividend only to cancel it, and giving themselves a lucrative bonus equal to a year's salary. Many of us shareholders are in the same boat as you with a mountain of losses and losing sleep; But being incompetent is different than being untruthful or outright lying; I don't remember anytime that they have outright lied;
The CEO made an statement in his latest presentation at which time more than once, in an speech in front of other industry leaders and public media, clearly and forcefully stated and gave his word about protecting the shareholders and making sure they are also beneficiary of any eventual capital restructuring (please read his presentation for yourself before you make a rush judgement); Now, my question to you is why would I not believe that? to convince me otherwise please provide me another example of a similar public statement in front of a conference full of audience where the CEO obviously later went back on a promise.
Of course I believe this CEO...you can call him whatever you like but I have never heard him outright lie.
There is no reason to doubt the clear and straight out word of the CEO specially that he gave his word to conference full of audience;
Delisting was just a technical matter and does not effect the operation of the company, their revenues, earnings, contracts, etc an iota...As for the effect on getting loans the company was already out of that option after withdrawing all their line of credit a few months ago as nobody would lend them right now anymore; and as for income from stocks the shares were already sub dollar; So I don't see what is all this commotion about the delisting all about! if anything it will save the company money in terms of fulfilling dow requirements.
Now the shares were trading between 19-22 for the longest time recently (at least previous couple of months) but within 1-2 days prior to delisting the price lost about 25% which tells me there was some insider leaks or insider selling or both; this was followed by an additional 50% haircut once the delisting was announced;
I believe both the initial 25% and second 50% corrections were knee jerk over reactions as delisting would have NO material effect of the company's top or bottom numbers...
Does above mean the shares will go back to 19-22 cents in short term? of course nobody knows ; But does it mean it is justified to go back up? the answer is a definite 100% yes.
But whether it goes up a few pennies to 19-22 cents may turn out to be insignificant compared to share price movement once the news about debt repurchase/restructuring is announced. And of course if the news is favorable, as I, like the CEO, expect then PGN would become one of the most profitable stocks for those who buy at today's price of nearly 60% discount to just few trading days ago.