RE: RE: Cerros Las Minitas
That's a real good question about the time limits associated with disposition of Pena's shares. Also, I wonder what triggers the disposition event. One would think that disposition of Pena's shares would be entirely his choice and under his control. SDRG shares traded substantially higher than a dollar after the shares were issued to him. I wonder if his shares are restricted ?
The 10Q also suggests that Pena succeeded in the local jurisdiction to regain control of the properties. In fact, he gained control of 5 properties that he never had an interest in. One would think that that alone would place him on pretty flimsy legal ground - but then again who knows what goes on in Mexican courts. I wonder whether his actions open him up to any legal liability. Whatever the case, I think the best outcome is get this entire episode behind us as quickly as possible. We really don't need the legal expenses associated with a long drawn out legal proceeding.
Another huge unanswered question is the status of the properties themselves. Although Dragon operations on their Mexican properties always seemed rather minimal, one would think that they at least maintained a presence on the properties. They have personnel that apparently work there. If Pena actually succeeded in the local jurisdiction, one would think that he would have taken steps to gain possession- but it doesn't seem like this ever occurred.
It's also somewhat strange that an official company announcement about the 10Q release was never made. I thought for sure something would show up today. The only reason I knew about it was that I received an email message from secfilings.com. The 10Q was apparently filed at about 3:30 PM EST which corresponds to strength in SDRG shares late in the day.
My gut feeling is that a financing was just completed and whoever did the financing is trying to accumulate shares before they move the share price higher. Recent price activity just looks and smells like accumulation to me.
Guess time will tell...