Blank Check IPOs (SPACS) Message Board

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Technology Stocks : Blank Check IPOs (SPACS)

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From: jrhana	6/4/2008 12:59:15 PM
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ESA has been silent but very active as they put the final touches on the push to escape SPAC status. The wait has been ESA's desire to cross all the t's and dot all the i's with the SEC prior to any major publicity drive. All major issues have been resolved, and they are only haggling over some very minor details. They have put out the 2d major revision of their proxy statement-some 300+ pages worth. This represents a huge amount of work. sec.gov The above now includes data from the latest quarter. CJ Hughes usually loses money during the winter months (which is ESA'a 2d quarter as they are on an Oct 1-Oct1 fiscal year).This is because it is hard to work in the snow in the mountains, but in fact they made money this year and had a huge increase in business over last years 2d quarter. (again their 2d quarter is Jan-March). It shows that ESA is still a screaming bargain (to me at least) at a P/E less than five based on their first two quarters. But the next two quarters should be quite a bit better so their P/E should soon be even lower. Some encouraging news is that MasTec (a bunch of go getters out of Miami) has just paid $40 million for a privately held pipeline company in Texas with revenues of $70 million. biz.yahoo.com ESA is paying $54 million for two companies with combined (and very high margin) revenues of $175 million. Within the week, ESA honchos including Marshall Reynolds and CJ Hughes CEO Ed Burns are going to hold a major pow wow with Ferris Baker Watts and RBC (Royal Bank of Canada) mainly to plan out a major promotional campaign. recall that RBC has just acquired Ferris Baker Watts. reuters.com They have the goods. Now they have to sell them In addition strategy will be drawn out on how to deal with the SPAC arb nasty boys. One way or another these guys will be bought out. Actually Marshall Reynolds himself could easily just write them a check. finance.yahoo.com I have had a couple of conversations recently with Ed Burns (private and conference). The biggest problem facing ESA is simply emerging from SPAC status and its interminable red tape. Once they free themselves from the SPAC shackles, it should be clear sailing ahead. They have already been approached by several local energy related companies wishing to join the ESA fold. Included is one drilling company larger that GasSearch. These companies are profitable and privately held. Generally one of the partners wants to retire and another partner wants to stay busy and work with ESA or perhaps the company was inherited and the new owner wants to sell but preserve the company's jobs. Thus ESA will have no problem locating additional targets to acquire for their goal of being a major player in the production and transportation of NG in the Appalachians. They will become the CSCO of Appalachian natural gas. <g>

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