Delek
I doubt delek will raise their offer, remember when they bought in originally at well over the market price, which got them 2 on the bod so they could keep an eye on the ship of fools. everyone thought that delek was such a bunch of nice guys. i remember saying to watch out this is what companies like the brookfields of the world do, get their hooks into small companies and work with the banks to pressure them into selling or in some cases forcing them into bankruptcy and picking up the assets (eg birch mountain)
delek pretty much saved the company by buying in and keeping the banks at bay. also don't forget all the debt and the decommishioning liabilities they are assuming here. I suspect the banks were not too happy with iae management going ahead to drill harrier, possibly before stella produces and i suspect the debt crept up this quarter as did the current liabilities which were already huge, there could also be another delay not reported yet. i suspect the banks pushed this deal hard with threats of pulling loans, jmho.
I sold 75k at 1.945-1.95, still have 25k left i will most likely sell later today or tomorrow.
it is possible (but i doubt it but then i was wrong on a takeout anyways, lol) that delek ends up raising the offer, so say you get 2.25, that is only a 15% gain from here and they may only go to say 2.10 or even 2.05 if they do it at all. lots of good buys out there in energy right now so I see better opportunities than holding here for a possible gain, it is risk free pretty much to hold so i may sit on my 25k shares i have left for a bit, bottom line for me is i am happy with this offer.
we will see if the uber bulls on here were right or out to lunch, if wwe see a much higher offer from elsewhere then they were right if no other offer comes then they were wrong, lol, we shall see..
cheers furball
ps price is dropping a bit now at 1.94 1.93 bid