DoogsI did confirm with Archie that I thought it was cheap. But...

Doogs

I did confirm with Archie that I thought it was cheap. But Archie's posts all this year have been "over the top".

I also replied (Feb 10) to your post in Feb about CR, stating I didn't think PB would do a CR for less than $5 per share (you stated $2). You were slightly closer to the $3.40 than I was.

The fact that PB did it below $5 (and for $200M not $100M as you suggested) only strengthens my opinion that he has short term plans to spend "some" of the funds to set LNC on a profitable path.

My guess (in order of probability) is-

1. JV in Botswana with Exxaro for UCG and GTL
2. JV in eastern Russia with RA for UCG and GTL
3. UCG & GTL commercial operations in Chinchilla
4. Extra funds to speed up multiple drilling of the sub salt in the US Gulf Coast

I only hope the $3.40 CBs don't restrict LNC S/P from reaching $5 within the next 2 years.