Torente,
They once had more cash, and their sp was less than the cash, and it was the once in a lifetime market to apply the "leverage" of cash, and what did they do?
What it appears a management team "can" do does not equate to what will happen.
Just why would anyone try to take PPP over paying significantly more than the current sp? They'd only be after the cash, no other single asset of substantial value relative to market cap, the biggest being 1 mm barrels of diminishing margin oil approaching it's end of life.
Patience alone doesn't work in this game, without heaps of skill and luck eventually someone spends all the cash on dusters.
EL
less than cash backing and producing, page-5
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