Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Ed Ajootian who wrote (105329)	7/18/2008 9:12:27 AM
From: CusterInvestor	Respond to of 206325

BOGA--did you see this news? Third Point Wants To Gain Control Of Baseline Oil's Board Jul 18, 2008 07:02:17 (ET) Daniel Loeb's Third Point LLC on Friday reported holding a 66.9% stake in Baseline Oil & Gas Corp. (BOGA) and said it plans to contact the company to discuss obtaining majority control of the board. Third Point beneficially owns about $49.2 million of Baseline's 14% senior convertible notes, which are convertible into 68.27 million common shares, according to a filing with the Securities and Exchange Commission. The investor said it intends to act by written consent to remove and replace Baseline's directors so that it will obtain control of the board. The removal of directors and the filling of the vacancies would automatically become effective upon delivery of the requisite written consents, Friday's SEC filing said. Third Point said it hopes and expects Baseline's board will cooperate with them. It believes that any efforts on the part of the board to interfere with its exercise of rights as supermajority holders would constitute a breach of the board's fiduciary duties. Third Point said it intends to take all steps necessary to preserve its rights as stockholders to obtain majority representation on the board, and to hold to account any directors for any breach of fiduciary duty. Third Point said it acquired its stake because it believes it represents an "attractive investment opportunity based on the company's business prospects." It also said it doesn't have a present intention to "substantively change" the company's business strategy or senior operating management. Shares of Baseline, an oil and gas exploration and production company, closed Thursday at 53 cents. -By Brian Coyle, Dow Jones Newswires; 202-862-354