Back from Vacation I was away for a week. Had my iPAD so I could read the BB, but it wouldn't let me post.
Interesting week to be sure. Firing the top execs is yet another example of how this CEO and BOD don't have the current SH best interests in mind.
On further reflection, this could be a positive. When (not if) the shareholders get together and take back this company, we now have somebody that can run it. Taking control of the board should be easy - the shares are widely held and it should be clear to anyone that holds a large number of shares that the current CEO and board are chasing rainbows. I'd be surprised if we don't hear from West Face or Audley in the next week or so.
Clearly, if the news was that RG had been removed by the board - the price would have shot up. This was a desperation move to fire the future CEO - no doubt the buyer and large holders had made a deal with the folks that are out.
If you hold more than 200000 shares you should do what I did and send an email to one of the activist funds and pledge your shares to any action they take to remove the current BOD (and then CEO). If you're crying about selling out at 50-100% higher than you can buy it for today - you are living in the past. No doubt the funds are buying this thing up because they know that as soon as they get control, this can be sold for a tidy profit. They also realize that they need to move fairly quickly before RG makes some more moves that cost big money and may not be able to be fixed.
On October 18th - I responded to a post congratulating those that bought low as the price was now 45 cents. I replied "In a month it will be Congrats to those that bought at .45." I was wrong, it took a month and a half before it doubled. A month from now - anyone who bought at 87 cents will the ones getting congratulated. But it might take a month and a half.