Zeev, Yes, we thought there'd be a PO back then. According to Lev's statements to us at the SM (yes, we are more than one person, regardless of what Mr. Bill thinks!), he could've gotten a PO from someone 'as a favor,' but schedules had slipped and there was no need, because LO, Castle Creek had agreed to WAIVE all conditions, and come in with more financing.
Let me give you my take, in 20-20 hindsight: Castle Creek knows that $6 per share is better than they're going to do on the open market, and has provisions written in just in case, but the reason for doing the deal is because, after doing their DD, they decided they would MAKE MONEY GOING LONG! Yeah, they might dabble in and out, like anyone else, take a little off the top here, but NOT the big time move you're suggesting. They're in for double digits, and I don't mean the 'teens.
What a radical concept.
disclaimer: very bullish. |
