RE:A GW takeoverZep,
Please do not get me wrong on my reply. I am quite pleaased that GW is doing something / anything to wake up and shake up the sleeping dictators. However there are some concerns I have with these guys that does not make much sense to date.
For starters, they (their group) came in with the interest in buying the AH division. Their offer was apparently "too low" and was rejected. So rather than coughing up more dough, they do this? From their letter they believe in the AH business and want to keep it in BNC now. They now own at least 5% of BNC and could take full control of the AH and/or OH & HH for about $1 million? Still sounds pretty cheap to me. I'm sure their original proposal was more than that, right?
I have a theory of what might have taken place to get our SP down so low. Then I discover that a group did try and buy in on the cheap, when we were cheap, and it wasn't ENDO. When they were unsuccessful at buying out the AH, they shifted gears. GW'S original proposal would have left us shareholders in the same predictament that the management is proposing now, except the current management believed that AH was worth more than the GW's offers. To me the current situation appears self serving and hipocritical for GW, and they now want my (our) support? We loyal shareholders were, and still are only pawns in this game.This is what makes me hesitate on committing to either side. Yes I'm still NZ at this point.
Don't get me wrong. Management is guilty of allowing all this to happen. Their laid back secretive arrogance and misleading shareholder information has come back to bite them, and it hurts. It looks good on them, doesn't it? I must admit that it does feel good to see it shove it right back in their faces. However, as difficult as it has been, we can't let our emotions get in the way here or we may be heading into the fire.
At this point, we do need to be rescued and GW knows it. I can only hope that the GW group is indeed a Robin Hood and that their mission is scincerely about us poor shareholders who have been stupidly beaten over and over again, only to trust again? Hmmm....Advantage GW!!
I'll sign onto save BNC, but I'm still not convinced that GW is all about saving us little guys, yet. They have some work to do to get my vote, including clearly answering some of my tough questions. Any political BS responses will not win me over.
TC9