PFG won't be reinstating, it's pretty much game over for the shareholders. They will just say "oh we figure the company is worth X, that's what we are owed, so we are going to just take ownership of everything."
They foreclosed because they saw an opportunity to make money by screwing the shareholders. They could assume 100% ownership, run the company for a while and coast to profitability, and then sell at a profit down the road. Why else did they do what they did? There were no missed payments, buddy was doing everything they asked (such as hiring the guy that became the new CEO), and all indications were that it was a good relationship. They pulled a sneaky move and in the process completely wrecked any hope of a turn-around. The receivership scares away customers and partners, and only attracts vultures.
BUD Price at posting:
0.6¢ Sentiment: None Disclosure: Held
