RE: RE: On April 27th, 2012, IAG agreed to buy...
GF:
This is a very sobering statement.
:"It’s hard to justify a target price of more than double a current share price."
Although SpaceDoc is going to bttch at me for this. I feel PG is being no more than a paid cheerleader for Chet, trying to justify everything Chet does, blaming it on the "State of the junior market" rather than missteps by Chet and management. Looks like Chet should have put his ego aside and take the $2.10 he was offered last year.
By the time a deal gets done, it looks like the price OLE may get will be very close or less than the millions invested. For new investors, they should do fairly well. For us long term holders who were here when PG was here the first time pumping the stock when it was three time the price it is now, we will have to hope to break even while financing Chet's break up fee, bonus for negotiating a crppy sale price and many more options to put in his pocket. Chet will make sure he gets paid for a mediocre job at the least. Rather than being paid upon performance which I 100% support, Chet has a different philosophy. Is his options/warrants are priced too high, he will just cancel them and reissue them at a lower price. If Chet needs an end of the year bonus, he will give himself a $300K bonus to selling a PP to Mackie in which they flipped to TGZ for a $3.5 million profit. Nice job, give yourself a bonus for costing shareholders $3.5 million in which it took Mackie 2-3 days to flip.
Chet has set himself up with a board full of "yes man" who have taken absolutely no taken no steps to forfill their fiduciary responsibility to the shareholders of Oromin. They did release a Board of Directors code of conduct back in 2009, but it seems no one took the time to read it. Now he has PG in his back pocket justifying anything Chet does.
I know a bunch of you will just say sell if I don't like it. Well, I don't like it, but I still see some upside when Chet gives this project away while making himself millions. It may not be $2.10, 1.75 or even 1.5m but I believe it will be higher than it is priced today, so save your breath taking shots at me. If you look at what management has down over the years, it is hard to defend that I am wrong in my statements...
Hope we come to a conclusion soon.
G1