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Gold/Mining/Energy : Berkley Petroleum: Non Junior TV Play
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To: SofaSpud who wrote (193)2/13/2001 1:22:49 PM
From: SofaSpud  Read Replies (2) of 200
 
So, Berkley's board said that a $10.50 offer was wholly inadequate and opportunistic, but $11.40 is a "great deal for shareholders." What about the shareholders who bought their stock in the secondary offering in 1999 at $16? Is it a great deal for them?

The second version of the Information Memorandum referred to 3.1 tcf of recoverable gas on the eastern anticline. Now there's 450 bcf gas in place, and who knows about the recovery factor.

Every shareholder should take out their copy of the 1999 AR, open it to the back cover, and look at the list of directors. Remember those names, because if they show up in any other company you own, now you know what they think "maximize value for shareholders" means. Oh, and look at the last name, and the law firm he works for, and think about whether you want to give any of your business to BDP.
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