Khris:
At this point Bill Wexler or Mr. Pink might say something about their sources being confidential, and for all I know they may be truthful when they say that. But I'm going to come out and say I read about it, but I forget where. I made some efforts to trace down exactly where I had read it upon the occasion of your challenge, but the source eluded me.
That said, I would not have repeated it had it not been entirely plausible and logical to me. The point is, and I will maintain this until I see some evidence to the contrary, it is not normal practice to announce an application for status on the NYSE, and I believe there is a reason for that.
Just as a token, though, I looked at the three most recent NYSE additions. Of those two said nothing until the day before the symbol change. The third made an announcement one week in advance, at about the same time NYSE made it official.
Even you have to admit, Khris, that that press release reeks of hype. Much as with the four or five companies (out of 200+) that issued PRs about their addition to the Russell 2000 earlier this year (notably including TAVA), I would worry, were I a long shareholder, that my company was a little too interested in its stock price and/or running short of better things to talk about to the press.
Particularly in light of the allegations (justified or not) of accounting irregularities, I would have thought that LBOR would take extra steps to make sure they were perceived as following the straight and narrow. That press release failed to do that, in spades.
Nevertheless, I remain too bullish on the market as a whole to reestablish a short position on LBOR at this time. |
