ReactionHow do you feel about the HPS bought deal?
Logical? Good opportunity to add to a position? No one likes insider selling, but the math makes us less concerned here. Mr. Hammond is selling just a portion of his shares. And, with the stock up 78% YTD and 190% in 52-weeks, even with the sale he has far more dollars-at-risk than he did even a few months ago. Prior to the sale he owned 31.1% of the company, and we think with more than $500M still at risk, he remains committed. The original discount was quite nice and we would be OK buying the deal or in the market with this sell off. (5iResearch)