Whats the GameDoes anyone think that the bank is just getting a little impatient for their money, and are frustrated with management not accepting offers for the assets at a bargin basement price. How many oil companies with over 1000boe of production are not worth 30 million dollars?
This may force the hand of management but my feeling is that this was the last resort for the bank, and they were getting tired of waiting for management to work this out themselves.
My guess is that bank thinks they will get 30 million dollars no matter what happens, so who cares about the share holders as long as they get their money.
It is to early to dump stock now, and what is the point, your not going to get much out of it. Do you really think the bank can get more value for the assets without the managment, not likely. This is a case where management has pissed off the bank.
Maybe the bank will wake up and realize they need to work with these guys a little more, in any case they will be a steady stream of companies looking for an opportunity to take some of these assets. Why it has not happened to date, i don't know. However I do think the company has some decent assets.