Sounds like a few large brokers are expecting a decent run up on pre drill of TAO-1, at which they would offload their shares for a nice profit into the liquidity fan fare.
That's a good point kastin. I couldn't figure out why the brokers would be interested in an 80% chance of losing their investment, even if the 20% chance was very lucrative. After all, they are basically fighting against giving TPT a second chance of life if TAO-1 fails.
So I suspect you are right and they never intended to hold til reservoir was intersected. Their plan was likely to sell into any interest in the run up to reservoir intersection, and the merger seriously affects their return on that.
JKA Price at posting:
8.3¢ Sentiment: None Disclosure: Held
