@money123 I agree that the result is poor, but the 16m is not the final amount that PGX will get - at least not based on how I have read it.
It states: "...the adjudicator was not able to make an assessment on multiple parts of the claim, where competing independent expert reports were submitted. The effect is that neither Wartsila nor Primero have received a determination as to the merits of their respective positions on Primero’s major claims"
This seems to indicate that they will now need to take this to court which will be protracted and a lot more expensive.
I think mgmt are partly to blame in that they did not keep shareholders informed (there was no formal communication to the market that this was even at SOPA.....just our guess that is the path they took), and from what I can see, SOPA seems to be for smaller claims rather than 10s of millions of dollars. What would be good is for mgmt to come out and tell the market and shareholders next step they are taking.
What is also unclear is where NWH stand on this.....one upside is that at least PGX have 16m of cash to play with, although I sense it will take 5m to take wartsila to court (and that is why wartsila can try to wear them down).
PGX Price at posting:
54.5¢ Sentiment: Hold Disclosure: Held
