Indeed Indeed. The dumb thing here is not the fact that they "margined" their shares to get more it is that they Put the whole bleeding lot...all of them at once...against only 4 million they aquired when the going Opes rate was 20%. They should have put them up pro-rata as they aquired shares in SLA so then they would have only 16 million of their own shares as collateral aginst the 4 million they bought not 0 million Jeez! An independent director would/should have questioned that insanity. Why then would we be hoping that Dennis can turn this around when he led the rest of the sheep into the wrong pen. "Babe" would never have done that! The quicker Vagif smacks them all into shape the better but I would say that the stategy was OK its just that the deal stank to high heaven and in the euphoria...the glorious euphoria...it was ignored for the sake of doing the deal when in fact doing nothing or letting the collateral fit the deal were the only options...not gee let's go and risk it all on a half shonky company with a half shonky team running it.MHO so take it or leave it...Go Vagif, bash them and get the thing back on track. This one is 3 to 6 months to get back to where she was...dammit. It is still a beauty although at the moment she has got more moves down I fear. Still I hold as the fundamentals are still strong as ever.
SLA Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
