well he probably would but might be hard for the board to persuade shareholders to sell for 10c a share - joking but not joking
elliot are here for the fund not for sea shareholders and problem is the eric and Co have no bargaining power as have almost bought company to knees - they are a joke no question. Eric probably still in there negotiating like he thinks he working for BHP.
Fact is sea is a small cap penny stock who spend 100m in development when companies 5x their size spend 40 last year. They have no cash and struggling to pay creditors so they are prime picking for funds. Meanwhile the small investor has had zero communication and doesnt even know production levels for Q1
If they had a good management team we could probably work our way thru but will take time -thats OK
Eric will walk away with a humungous cheque for screwing the company over - watch and see.
Or they are still in negotiating as such a big deal and the existing fund shareholders are telling eric might, in some cases, be difficut to take up entitlement as their fund mandates wont allow, and they will want to make sure there is some protection in the agreement for when elliot ends up with 60%
oil over 66$ by the way so there is some hope w/out eliot just mesns we will struggle until find another suitable bed partner.
BTW the deal could be good or bad just noone has any idea at moment and I just on the usual rant of the uselessness of sea board
66$ GO OIL
SEA Price at posting:
9.4¢ Sentiment: None Disclosure: Held
