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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: seriousinvestor who wrote (97156)	2/24/2008 9:46:47 PM
From: Fugitive Pauper	Respond to of 206209

CEP: For the benefit of the board, this is what Lehman says about CEP PIPEs in their Feb 12 report: CEP issued approximately 10.8 million units in three separate PIPE transactions during 2007. Proceeds totaling about $375 million (~$34.70 average issue price) were used to finance acquisitions. A registration for about 2.3 million units was declared effective in December. A registration statement for the remaining 8.5 million units became effective in January. Combined, the PIPE units increased the public float to 73%, or 16.0 million units, from 47% or 5.2 million units prior. That's a tripling of registered shares available for trading in just a couple of months. I suppose it's to be expected that this flood of new tradable shares has depressed CEP share price, but I still find it mildly astonishing that institutional investors are so eager to part with their CEP shares at a 45% loss. I think it is a testament to just how hard up these guys are just now. God bless idiot institutions. Where would be be without them? Also, Lehman has a $30 price target on CEP (down from $44), rates the shares Outperform, and states that the coverage ratio is 1.3x.