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Technology Stocks : Blank Check IPOs (SPACS)
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From: chuckmicro6/19/2007 9:15:43 PM
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CRB-wt - A short term warrant play --

Courtside has announced June 26th as the date for shareholders to vote on its acquisition of "American Community Newspapers". The warrant is selling in the .40-.45 area and should go up 35 - 70% in the next two weeks, if the acq. is approved, which I think it will be.

On May 17, 2007, Courtside announced that the three main insiders would buy up to 1 1/2 million shares on the open market (pursuant to Rules 10b5-1 and 10b-18). So far they have bought over l million shares and have brought the stock price up to $5.60 - 5.65, which I think was their goal. At that price, it about equals the cash per share of $5.63 that is held in trust. This allows any shareholder, unhappy with the acquisition, to sell on the open market rather than vote against the acq. and have to wait some time for the trust money to be disbursed if the acq. is voted down. This at least greatly reduces and probably eliminates the possibility that 20% or more of the shareholders will vote against the acquisition.

With the stock price around $5.60, the warrants should move up to at least the .60 - .80 area after a favorable vote. This could be a quick short term gain, but always remember the warrants become worthless if the acquisition is voted down.

Chuck
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