Nova Bancorp Nova came out with a well reasoned statement today.
They stated that the major problem with PACE was its
management and noted that CHX's management would
be no better.
Nova feels that current management should be ousted and
going forward PACE's balance sheet should be strengthened
either by a rights issue or a partial sale of assets ( Dixonville? )
This sounds like a reasonable place to start but they should also
have highlighted the assets PACE has that they feel can be developed
in a timely and profitable manner. PACE's management has made a
total fiasco out of past CAPEX programs and it is critical to have a
CAPEX program that shows results.
If current management wants the merger to go through then it is beholden
on them to do away with the golden handcuffs and show why their CAPEX
program would bring about timely and profitable results.