Venoco announced that it has been informed by Timothy Marquez, Venoco's chairman and CEO, that Marquez has received a "highly confident" letter regarding a portion of the financing necessary to complete the proposed merger between Venoco and an affiliate of Marquez. The letter does not create a binding obligation and is subject to a number of contingencies, including the completion of due diligence. There can be no assurance that the financing will be available or that the proposed merger will be completed.
America has no tolerance for wealthy people griping about their financial woes. But they have concerns too.