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Gold/Mining/Energy : Panaco Corp (PANA) -- Ignore unavailable to you. Want to Upgrade?

To: Bearcatbob who wrote (77)	7/5/2000 8:56:16 AM
From: Ed Ajootian	Read Replies (1) \| Respond to of 115

Bob, Your timing is turning out to be impeccable this time. Looks like from now on you will have to bid the stock up to a new 52-week high any time you want to buy any of it. I still say we'll be looking at a $2.50 stock come 8/15. PANA does not have any poison pill (they used to but canceled it because they thought it was sending the wrong message). Anyone who owns < 15% of the company is free to initiate a tender offer to buy the company any time they damn well please. You'd probably have to bid high enough to get Carl to accept your offer, but I bet Carl would let his shares go for $3 or so. Apparently there is a "gentleman's understanding" in the O&G microcap arena that hostile takeovers are just not done. I never understood why this is the case. I do not understand why someone with a lot of both money and chutzpah doesn't set up some hedge fund and raise a billion $$$ or so, and then just go out and start buying up all these great little O&G companies at a fraction of their intrinsic value. BTW, the GOTH deal is a perfect example of a "win/win" deal for both sides. Larry should take note of this -- that it is possible to acquire another company in a share-for-share deal and, if structured properly, actually have your stock price go up substantially after the deal is announced. There are plenty of other Gothic Energy's out there, just waiting for a white knight like PANA to rescue them from their creditors and let them start drilling again. This situation will not last much longer. I would guess that the best companies will be snapped up by the end of the current quarter. Therefore it behooves Larry to get up off his butt and start doing some deals.