These speculative articles are not always correct. Remember the last one recently which was wrong! Perhaps it is part of a softening up process so when it comes to the deal and the offer is say 5c or even 4c, holders think whew, better just take that.
It was previously posted that the board had received and rejected offers of $175m for crux. You would expect that these parties would still be interested though perhaps at a bit lower price now - but enough to get the company out of the immediate hole by paying off the debt. It would be a dereliction of duty if the board is not following up on these. One has to wonder if Mr Voelte as chairman was a primary decision maker in rejecting other offers then jumped ship once the company's time was running out and in such a vulnerable position. Then the electrical fault putting the company's cash flow in doubt and the "coincidence" of the Sedco deal contingent on liquidating assets by next week.
The board just has to sell off crux for whatever it can get to pay off bond holders and Sedco. If this is does not raise enough then I expect 7 will take over the bonds and force an offer to holders under threat of liquidation. There isn't time for anything else. Hopefully, the board has been hard at work the last few weeks trying to secure a deal. I am slightly encouraged by the agreement with Sedco - if there was not some reasonable possibility of meeting their conditions, why would they have agreed to the settlement when it could have been delayed further, albeit perhaps at a higher cost in the future.
Unfortunately their is no sentiment option, for Disappointed, Devastated, Pissed Off, and Screwed so I go with none.
NXS Price at posting:
5.9¢ Sentiment: None Disclosure: Held
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