GC, If I may, shorters are usually very smart people. This is a very dangerous way to make money. So what is odd is if you are a shorter and you see a legit buyout offer announced, if there is any chance it might go through, that is the train coming down the tracks and it's time to get out of the way and move on to something else.
Real shorters aren't out to "get" a company, they are out to make money and play the odds. Like I have posted before, about 1 in 20 junior exploration companies actually make it. It is not a stretch for those who short for a living to short a company like IDCN not because they are trying to get them, but because on the average they are in a high risk category. Good bet for shorters.
Now, having said that, I believe, from what I have learned so far, that IDCN has legit properties with valid reasons for believing in the deposits they have announced in PR's. The garnet property seems like a real deal and the other properties have serious mining people in charge of finding out just what is in the ground.
It is something that none of us can seem to answer as to why a legit offer of .37 a share has only a temporary affect on the price and then a fall back. The only reason I would offer is that there are some MM's who heard of the deal, started to buy up shares assuming a rise, along with many of us, and then found out the deal was not a "done" deal quite yet. Not that it wasn't a legit offer, it just wasn't a done deal (ie, needing shareholder vote, possible disagreement among managment, could be more news on other properties before the "deal" date or any number of other reasons).
We need to hear from management why we should or shouldn't vote for a 4+ time return on our investment. And if the answer is that management wants to offer shareholders a 20X return (I'm making up a number), well let's hear the supporting reasons to say no to .37 a share and why the real potential is much higher.
Just my thoughts on this. Anyone with different views, please feel free to chime in.
Tom f.
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