free fall, page-4

We should certainly be concerned about any plans in conjunction with BPT. They seem to be making the classic wartime mistake of over extending themselves.

But, what it definitely tells me is that the LAST thing on their minds at the moment is a takeover of anybody!!

BPT have great assets and would be a very desirable takeover target with their SP going south at a rate of knots. The instos have put them on notice, hence the current SP drop. And note that their Substantial shareholder notice shows Merrill Lynch borrowing around 69 million BPT shares. Now, why would they be doing that?? Normally, so that they can short sell to bring down the SP to "manageable" and "more attractive" levels!! Seems to be working, SP down from $1.73 to around $1.50 in rapid time!!

It will be a supreme test of RJ's capacity and ability to get 855 drilled on target, but, while BPT have a thousand irons in the fire 855 is both ICN's iron and fire.
Interesting times ahead.