GREY:SGLRF - Post by User
Comment by
poneon Aug 07, 2013 3:05pm
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Post# 21654888
RE:RE:Annual Special Meeeting
RE:RE:Annual Special Meeetingkherson, as I kept telling people here when the merger was proposed, we should have simply wound up Avenex. We would have gotten back about $2.50 to $2.80 per share and would have had a manageable loss. Once they sold the oil by rail facility the company was no longer an interesting asset.
What did we do instead? We made a huge payment to management for their incompetence. We gave all of our cash at Avenex to another management team to run a hodge podge collection of substandard assets.
What is it about investors in these oil companies? Why does everyone have to be a penny stock gambler hoping for the two to one payoff on every gamble? People would rather make a very poor odds bet than have the certainty of keeping most of their money. This vote to affirm the merger was the unfortunate victory of bad pscyhological tendencies over logic.