Hate to defend.....The statments as someone as ignorant & clownish as TylerREDdick (damn IndianJ who comes up with these names....jesus all mighty lol! Is this The Chronicles of Reddick Part 3? lol) AKA as NavaJoJoe (who btw has DELETED almost his entire posting history under THAT name) ........I know i digress here............BUT in this instance he's ABSOLUTELY correct that Pipestone would be wwaaaaYYYY above $3 Kanuck bucks by now since WTI has moved closer to $90. We ALL know The Piper has nothing to do with crude and has no oil production to speak of..........BUT.......as the ole saying goes.......when commodities rise significantly it LIFTS ALL BOATS.........even the bad ones or those not directly or completely associated with it.
I mean one only has to look at the pure gassers to see this, guys like Birchcliff & Crew who despite being at least 85% wieghted to NG, compared to Pipe's 50% have moved up quite a bit in consequence. So that's really difficult to discoint or dismiss, by saying ONLY Pipestone will NOT go up because of it...........The truth of the matter is that Pipstone's stock hasn't gone up BECAUSE it's being weighted down by an ill concieved bad StrathCona deal.........Pure & Simple....
What certain folks need to undesrtand here is the following, and this includes Mr. TylerREDdick/NavaJoJoe...........
One...............This was a BAD, UNJUST & ill timed deal for minority Pipe s/h
Two.............We were sold down the river, thrown under the bus, abanonded and left for dead by the MAJOR s/h The Riverstone Empire & GMT for "future considerations". There is no debate about this.......NONE. It's a fact
Three................There's absolutely NOTHING that could be done to prevent the absorbtion/assimliation of Pipestone into the StrathCona fold. Nothing. They controll close to 2/3 of the voting ballots (compliments of Riverstone & GMT) and that's that........So stop dreaming you can prevent it. This will get passed, easy peasy with no problems with 90% in favor.
Four............Please take my "wise" advice and MOVE ON. Either accept it and take Strath paper OR SELL.
Final........And when i told folks this was going to get sold soon. Most were laughing it up and guys like TylerReddick/NavaJoJoe were taking pot shots at me, call me fake news, X-files & conspiracies stuff, that all this was just made up & a ploy for some personal ulterior motives...........WELL........nobody is laughing now!
And i had also said that many long time s/h, who have been holding for ages, years would get VERY upset and shocked at what Pipestone would get sold for (RuuD stated this VERY clearly as well long ago btw!) IF mgmt & major holders werent looking out for minority s/h interests....
And unfortunately to our dismay & misfortune i was correct .......once again. I almost got this 100% right on point, on target......almost! The only thing i had underestimated was the underhandedness & personal greed of the Riverstone Boys & neutrality of GMT.....which were the KEY figures in ALL of this.
So if you're looking for people to blame in all this, i suggest you look elsewhere than this forum. You want to point fingers? Then point them at mgmt/bod for APPROVING the deal, point at Riverstone & GMT for being the main reasons this will get passed.
And just for kicks........Pipestone would be close to $3,50 cdn TODAY with NO deal in place. Just so some folks know. So essentially we are lower today than when wti/oil is a lot higher. We got NO premium EVEN though the assets were monetized AND in fact we were sold at almost a near discount level............
If a good deal was to be made where ALL parties would benefit, then this would have been sold lock, stock & barrel at $4 and not a penny less................
GLTA