Panaco Corp (PANA) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Panaco Corp (PANA)

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Bearcatbob who wrote (98)	8/23/2000 6:18:30 AM
From: Ed Ajootian	of 115

Bob, IMO Carl just wanted to add to his PANA position and knew he couldn't buy that many shares on the open market for such a cheap price as $1.73. I believe there's a good chance he will now buy some shares on the open market to get up to just under the 30% ownership mark. That is the threshold trigger for the Change in Control provisions for PANA's bank line of credit. Bottom line is that I now believe Carl doesn't want to keep the company off the Amex (otherwise he wouldn't have bought the New Valley shares now). I believe also that he wants to still own more of this company, at as cheap a price as he can get them for, and thus is not bent on getting the stock price up as soon as possible. He knows that the last chance to get any meaningful amount of stock in the open market without moving up the stock price with his buys is right now, before the East Breaks drilling report comes out. He's in here for the long haul and if the stock price is still depressed when his 3 year waiting period is up, he will make an offer to buy the whole company. Should be interesting to see where oil prices go today. Remember, about a third of PANA's production is oil.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next