RE:RE:Lechy, somebody... tell me where I'm wrong here?
Lechmeir I generally don't mind (and often like and agree with) your posts, and respect your opinion - for the most part - but your issue with Heavy off base. Not only is his research often accurate, but management even commented on it, saying that they found it amazing some of the items that he managed to dig up. Regardless of who's right or wrong, can't we just move on? hey that rhymes lol
Next paragraph - your question of who is all in and statement that Sentient is not really all in - as they are not shoving everything they have into the middle. That statement is spot on... Sentients stack (if we’re talking poker) is in the neighbourhood of $3 billion dollars and they only have to cover CNY's bet which is a paltry $10 - 20 million. The fact that the bet is small doesn't mean they aren't all in. It’s simply pocket change for them…
As far as the MLB transfer, I was really concerned about that myself, and I asked about it specifically. It turns out that they made a mistake. They being everyone involved in the transaction missed the fact that the investment vehicle that CNY was using to facilitate the transaction (or a part thereof) was akin to listing it in the documentation as a limited company and not a proprietorship. This was missed by our lawyers, their lawyers, Sentients lawyers, and everyone else until it was picked up late in the paperwork. How it was missed was explained clearly and articulately as the fact that they were working literally 20 hour days. The reason that they were working 20 hour days was because the lawyers were in London, Vancouver, Australia, and Brazil - so it was virtually impossible to get things done without being up at all hours, not to mention the travel schedule involved to further complicate things. Apparently the restructure that this delay allows will save literally millions of dollars in taxes and has absolutely 0 effect on the partnership and this deal.
Your next paragraph was about the fact that there would be no more dilution, and again that was a specific point of conversation during the presentation. Sentient was right there and said that as our partners we were (as of the vote) now fully funded for this project, and if there were any reasons for more money to be spent that the partnership would easily be able to finance operations internally. Cash flow changes everything quite dramatically, as does having a multi-billion dollar partner.
If I was you I wouldn’t sell and move on quite yet. It’s too bad that you weren’t at the meeting because you could have asked some questions and I’m pretty sure you would have liked the response you received.