Too much of wait and anxietyDon't get me wrong, I am a long on BUK and own almost half a million shares of them. I believe it has good potential to bring lot of us a good profit. But at the same time, I wanted to state that there are few things that just pi*ses me off with Payette County and even the management.
First of all, These so called conditional permit's pre-conditions were mentioned in the last meeting which they had in July 14. We were anticipating a YAY or NAY on that day after waiting almost 2 months, yet, the outcome was, it has been delayed and few preconditions needed to be met - so no new news to us, I thought these were addressed during this 1.5 months break before August 18 and the company must have drafted a game plan to meet the preconditions. Yet, after long agony of wait, we just learned that, its neither a NAY nor YAY but another delay coz company need to fulfill the preconditions - Hake, then why were the delay on July 14 in the first place?
Bridge Management should and must have known the paperworks, regulations and the obstacles a resource company faces when dealing in an agricultural land, they should have been well prepeared well in advance with a design and game plan on how to satisfy the local objectsions, specially when they got rid of North Sea and only focused on Idaho, what the hake they were doing all these months? - March 18 was the official relase of their intention, compression permit got denied on May 18, then again differed on July 14, and now slapped with preconditions again on August 18....
I understand these are normal, but problem with Bridge is they cannot afford to loose time, they DO NOT have any other source of revenues (Durango is so sketchy, Management has no update on that either, but thats another can of worms) to kill the time. They have to come up with viable game plan to submit to the lenders so they can restructure them - and delays are NOT going to help.
As for preconditions, we are not clear yet what are those and how hard it will be for Bridge to satisfy specially when they are running out of Cash, PXM their partner doesn't even have money to buy coffee for their staff... so BUK is kinda all on its own.
Should Bridge were a HUGE company with 100Million in reseve cash, this would have been no issue whatssoever, but considering they time they are fighting against, the empty pocket and debt re-restructuring they have to do, any delays just doesn't help.
Some of the posters here said the stock will rally next week, I really hope it does, but speaking from a pragmatic perspective, on what basis the rally will happen? - specially when we don't know if Bridge can afford to meet the preconditions financially, or even if the Banks will wait until then. Payette county seems like a very redneck place where bureaucracy is slow as a snail, and these lack of proactive preparation of BUK just doesn't expedite the process at all.
Anywayz, enough of my rantings, I don't want to sound like a Shorter or NAY person, as I said, if BUK goes up, I will be one of the happiest persons in this forum as I can make almost a fortune, but as an investor, I wanted to see more action and communication from Bridge's part.
Good luck to all Longs ! Hope our patience reward us !