Given that the Hanail JV is not the driver at this point in the game (production and developments at Northern Ireland are), I'd suspect the same as you that these are excellent buying opportunities. Actual production in Korea is months away, if not years (although the company estimates 1st Qtr 98), but there are other Intl areas that are attractive for a JV type deal. These are still in the game. The fundamentals are not lost. Certainly, if Cal Reed knew that something big was coming down that would rock the boat, he would either a) sell all of his holdings, or b) not sell at all in fear of another lawsuit.
Also, and what I see as very, very interesting, is the price action today. It goes down to $7 first thing - bamm, we're there in no time. But, once there, it doesn't budge, up or down, for the rest of the day.
IMO, since there are options trading in VLNC now, and November options expire tomorrow, someone wanted the price to be suspiciously close to the $7 mark. They achieved their goal!
Remember to keep the faith. |
