RE: RE: bought more... and will buy more!A little perspective please:
1. Severstal already is a winner, unfortunately, or however one sees it. Why? They already got a majority of these great assets for pennies on the dollar. Further the games right now continue.IMO AND as before the Canadian Securities and Toronto Stock Exchange does little or nothing I am aware of to stop it. That is why the games continue. It is that simple. IF the TSX or OSC had ANY balls at all, they would be doing something other than pondering and sitting on their probably very fat asses, (have not had the opportunity to examine them lol) IMO but do you see any concrete action yet???
2. What game is obvious, now, from my point of view? Well say you were in Severstal position. You want this "arms length" (now that is funny also of course) investor to get the shares at .38 So you want to keep the price within the acceptable range of that PP. Appears to me they, or somehow miraculously that is what is going on. At the same time maybe you want to frustrate some minority shareholders, so they sell early in the day for a penny more or less, and then again, miracle of miracles, the stock closes within the prescribed range. Think they have not been succesfull to date on this possibility???
3. The acquisition of the required amount of shares to squeeze out everyone. Well who knows how this is going exactly??? I sure do not. Do any of you? Someone continues to buy, some continue to sell. I do not know whether this represents a change in actual positions, with respect to the two sides, if you get what I mean. You have possible purchases and sales to accomplish a number of goals. Keep the price in a range, which might mean either buying OR selling on any given day. Buying by new parties, which would or might mean getting shares from existing minority shareholders, so no change with respect to this two sided question. If there is no upward pressure then you might logically think that the "other side" is acquiring shares, one way or the other. What is the other way, where you do not report them? Well lets just say, friendly hands could acquire and or sell as the situation requires. Of course we ALL know that Severstal would never, never, never stoop to such tactics. Especially with that Canadian Lawyer on their BOD now, he would be giving them advice. roflmao
4. So win is a matter of perspective. We, I say this in terms of the remaining minority shareholders, win if we get what is considered a reasonable price for our shares in any squeeze out or buy out offer. That, the price, in itself is arguable, but certainly from my perspective far higher than todays price. Severstal wins, I think either way, but because they appear exceptionally greedy, are trying for every penny they can. The conflict of course, is that being a public company it appears they have the incredible conflict of trying to subscribe to the law (forget the spirit of same) while carrying on their duties with respect to BOD and managment. I speak here of course of their duty to maximize shareholder value and represent the best interests and protect asset values. THIS IS THE ISSE, broadly speaking, imo, and one which I think will bite them in a class action suit, however it is legally approached or worded. I think they may have already invited this from previous shareholders who have lost to date. And of course, I feel that THIS is exactly where the TSX and OSC are a complete farce and a joke, along with any other Canadian Gov. officials aware of this situation. It is obvious in the extreme, and there are NO excuses of merit in my opinion to justify their lack of action to protect many shareholders, who are mostly Canadian.
Severstal may yet rue the day they got sooooooooo greedy. They have lots of issues on the home (steel front) and may play themselves into delays here which cost them more than if they just maximized value sooner than later.IMO We shall see. Meanwhile: a hold of shares here is still a great speculation, considering how late in the game we are, and the potential for this to come to a conclusion where the shares are significantly higher in price than currently. That is a good bet.IMO Now is not the time for frustrated shareholders to depart, as the price seems stable with upside at this point greater than downside.imo
Cheers.
By the way, for those watching my portfolio: IF you are a medium to long term investor - buy or hold ASTM, ENMD and ARNA on ANY pull backs or even at current price levels.IMO I expect all to be significantly higher over the next 6 months, but volatile possibly. One or more may be spectacular.imo