So now we have a prime example of closing the barn door AFTER the horses, cows, chickens, ducks, geese and turkeys have all left.
On April 5th, just eight days AFTER the PRWT BOD announced AND filed the shareholder approval to sell the bank, Jim Cramer via "The Street" has "upgraded" PRWT from "sell" to "hold" as its financials have improved significantly.
He dumped a third of his holdings in dribs and drabs. I'm more inclined to think Perkins Capital Mgt. may be on the buying side of things.
Pessin files 13D's as the funds he invests are his own and he had been considered a Beneficial Owner with over 5% of shares outstanding (don't know why I missed that earlier in the post by rural..
re: Perkins, They dropped about 10,000 from their Feb 2012 filing (itself up by more than that from the Feb. 2011 filing) but sold over 100,000 shares of voting power--to a client or a sub-fund where the manager of that fund has voting rights. Either way, if they've been continuing to hold after the drop in price over the last few years they're likely to continue to hold and may be a net buyer or shares.
Thanks. Actually, I'd posted a note a few minutes later that I'd found the filing and included the direct link to it. Duh! From ARCI's own list on EDGAR. So embarrassing! Somehow it did not get added to the thread. (Dontcha just loathe the way yahoo has so thoroughly trashed these message boards? Made it near impossible to follow threads or include functional links--or any other benefit to readers or posters? So it wasn't perfect. What they have now is far worse.)
While the Carbon credits are a total positive and I couldn't be more pleased at their continuance, the real trauma resolved was indeed those loan covenants being waived (can't go below a minimum share price--that's what was in default). The price gets pushed down by illicit and manipulative trading of the stock and since banks are loathe to possess a company/corporation they'd have been more than happy to sell those notes to nearly any who offered to take them off their hands. Whew! Now the price can return to a more normal trade range and if there's any good news in earnings (a likely scenario), the price will act accordingly.