RE: RE: IMO This Sell Off Was Planned I'm glad that I got your attention value1.
Perhaps I am being a bit too cynical but I still contend those institutions who reiterated buys on Arcan (ie. Stifel Nicolaus, PI Financial, CIBC, Haywood etc.) less than 2 weeks ago when Arcan was trading at prices 30-50% higher than now are essentially calling the shots here. Without them Arcan is too thinly traded to stem the SP slide and they know it. Make no mistake these guys are ruthless manipulators and know an opportunity when they see one and are capitalizing on this BIG TIME. Arcan's SP dropped too far too fast and the brokers just let it happen when they could have put their money where their mouth is and supported the stock.
And Its my guess that they are timing a 'bounce' between now and the AGM next week barring any circumstances that may arise that is beyond the company's control (ie. Oil prices, Europe etc..). Thats just my guess and I'll admit I've been hanging out in left field during rained-out games before.
As far as your other questions are concerned, if you did some of your own DD you would find that CPG is Arcan's biggest shareholder (19%), and according to Ed Gilmet (Arcan's CEO), they are still very interested in buying them out. Ed also said that the company's priority for the 2nd half of 2012 will be cost and debt reduction. They expect that the sale of their non-core properties (ie. Hamburg, Stimsol, Virginia Hills) will cut their bank debt load by up to 50%.
There's more but thats all your getting out of me.