RE: Wow! What a news releaseSorry knowl. Of course I mean four hundred thousand cubic feet per day. Got a little carried away with my "M's". That is good information on the buyer through Haywood. It appears that they are continuing today.
Keep in mind, like it or not, some of the SME shareholders were (hopefully past tense) also shareholders in SPI. Schaeffer has got them all so bamboozled on that deal that they sold their SPI to take the $3.90 pp in SME. Bad move in my mind, but we all know Mike. He is clearly long gone from SPI and his big tout will remain SME where he had a much larger initial share position. Also, a lot of the Haywood position comes from earlier warrants on the $1.60 placement.
But, the main point is and you are right, they do this on every deal. That's how they get the cash for the next one. No loyalty there with most of the people, but a couple of them are quite loyal and fortunately they are very involved with SPI. There is a bigger picture with SPI that most people do not have the foresight or patience to understand. Fortunately, we do. And it will pay dividends in 2005.