Nov 5th DeadlineWhat concerns me is not that shareholders have unloaded nearly 2 million shares in the last two days, but who the heck are the buyers. What do they know? Seriously, why buy??
Why would BNC even try and reach a settlement with the WG group if WG didn't have a prayer in the proxy battle?? We do know that WG got involved with BNC because they figured that they can make themselves some big bucks. They had our shares to support their mission and I guess that was all the leverage they needed to buckle BNC. In my opinion I don't think that WG necessarily "cave" but must now know, or have gotten some form of info or something (other than the $550,000) that makes it worth their while. They appear to be "moving in" and not running away. I personally think they will either cancel the PP or make significant changes to ease the shareholders' pain. Hopefully they will communicate something good to us shareholders soon to make the Nov 5th meeting somewhat peacefull.
I off loaded 50,000 shares over the last week and actually thought I screwed up when the news got released that McCrae was stepping down, followed by the settlement to prevent the ugly proxy battle. Go figure! I feel much better today knowing that this wasn't such good news after all. It should have been, but I guess there are too many unknowns and no one trusts anyone anymore.
My thinking is that the Nov 5th meeting will not be such doom & gloom. They are not telling us something. I can't see nothing changing before the Nov 5th deadline. We do know that someone is buying. We just don't know why. I may need to do the same once the price hits bottom again.
TC9