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That's certainly possible, however as long as they signed a Contract for Sale, it is very difficult to just change your mind midstream and ask for more money. This would most likely be a breach of contract. After all the purpose of a contract is to protect both parties against this kind of event and to spell out all the details of the sale ie. sale price, inspections, title issues, closing date, special conditions etc. Even though BIHC is traded publicly, their subsidiary Barons is not and as long as there is no conflict with their corporate structure regarding selling assets, everything should proceed very smoothly. This based on my experience in closing commercial files. Anyway, this will come about and we will all make money.
I agree, I was just pointing out what may have been the reason for the previous purchase to have taken so long. Disagreement on purchase price. This shouldn't take as long. I own 2 Title & Escrow Cos. and we do these closings all the time. Usually does not take very long once the price is agreed upon and DD is done, unless there are title problems with and land that goes with purchase. However, any such problems would have been cleared when they bought Barons back in April.
Carp, when they announced purchase of Barons they apprently had not agreed upon the price as when they announced the completion of the deal in April they said that after tedious negotiations they had decided to expend several million dollars to complete the deal. Here we know that they had decided upon the price range (probably depending upon TAAK contract). So a lot of the delay when they bought Barons was in price negotiations, and that is not a factor here. This deal should be close to done. I can't think of too many issues that would come up unless it is financing. I'm ready to hear something.
Wouldn't you think that if the deal was done or if there was any hint that it was about to be done, that the MM's would be very active in trying to get some sellers? Odd to me that they are not very active. Surely they haven't just given up and waiting for the news so they can begin taking their ass whipping.
Has this thing ever gone 45 minutes without any activity? Wow, it gets kinda boring.
OK I got my sell order filled. They took it in 2 small lots of 5000, and then two big ones of 238k then 100k.
I have the need to sell 1/3 of my shares and have had a sell order in since 9:22 central time at .055 and it still hasn't filled. So they apparently dn't like that price. Either that or they are playing some games. Sorry to sell these, but I have to. Still have 650k shares left to wait for news.
Isn't it possible that they somehow have gotten news that the closing is set for today or is currently going on. We wouldn't yet have news, but the shorts would know it's going to happen and are trying very hard to buy up shares cheap before the news hits. I agree with Carp that it doesn't make sense that they haven't been covering uup til now. Maybe?
Thanks Nervous for clearing that up for me as I had asked earlier and no-one replied. Why do you think Galo said in the PR that they were paying the divy based on advice from Attorneys and Accountants (for tax purposes)? They must know something we don't about a tax advantage for paying out the divy.
Slaz, don't put me in with them. I realized all along it was a typo and they meant 23 cents. I just pointed out that they were being entirely too anal about it.
Look guys, technically you are right about the way the numbers were expressed. However, if you look at the first PR on June 20, it said up to $0.20, which is the correct way to say it. There is no way they would sell at below the current stock value so it is OBVIOUS that a typographical error was made in the next PR. In addition, all over the message boards you will see PR's that have also expressed the numbers incorrectly. IMO
Thanks Slaz, so no mention in there about stock payment to Baron. I guess they just got cash. Thanks.
You're probably right, but where does it ever say that. I don't want to just assume that is what they got, because the later PR said that the company expended several million dollars to complete the sale. So, did they get 59mil shares in addition to several million dollars? That's what it sounds like. Thanks Carp
Does anyone have a copy of the PR dated 10/02/07 from the list of PR's above. The article has been removed. I am trying to find where the purchase of Baron's was with stock and so far I cannot find anything that mentions stock transfer as a payment. I did find the PR dated 04/22/08 where they said that after tedious negotiations they had decided to expend several million dollars t complete the acquisition. Sounds to me like maybe Baron wanted more after getting the notice that they would field test and then probably get the TAAK contract. They were supposed to close the deal in January and it took til April. I am also trying to find out when they went from 121mil A/S to 180Mil A/S. Maybe all this info is included in the PR I am looking for so if anyone has the PR from 10/02/07, could you please post it, or a link to it. Not trying to bash, just bored and curious. I am long in this and want it to go off as planned. Don't tell me that this has all been explained before, I know that, but the numbers still don't jive with the PR's that I can find. Thanks
I sent an e-mail to Cris this afternoon asking that he consider our request for a little info regarding the sale. I said that I knew he couldn't disclose the buyer or exact price, but that the anticipation and no confirming news was driving us crazy. I also told him that some of us would gladly invest more if we had a positive reply, and that we were ready to stand with him on future endeavors because he has stood with us and our interests throughout this buyout. I told him that very few CEO's would do that. Anyway, I really don't expect to hear anything, but is sure would be nice to hear that they are just waiting for the closing date. I would then buy a bunch. It would not be insider info, because the sale has already been announced along with prices. I will let you know if I hear anything.
I say someone more like Aramark. This co fits their groove and would complement it greatly.
Carp, I agree that Aramark would use financing, what I meant was that a Co like them would have no problem getting it, and probably quicker than some smaller buyer would.
Well, if the buyer is Aramark, you can bet the delay is not about getting the financing. I would imagine they could pay for this out of their petty cash. IMO
Oops, meant to say Oldschool you are the man. See I'm so pumped that I am screwing up my words.
Coaldollars, you are the man!! Great post and this will make all of us feel a lot better. Kick Ass!!!
Sorry Coaldollars, my bad. It's hard to figure out which post someone is addressing sometimes on this board. I'll be more careful next time. Good luck to you and all of us with BIHC. After seeing the header from Oldschool, I am really pumped. This at least gives us some news as to what has been going on. Looks good for the future and makes me want to buy a bunch more.
Oldschool, regarding what Coaldollars said, I am not short, I was just trying to find out who sent the e-mails. Now that I know it was you, I am good with it. I feel a lot better about this whole deal now, but you have to admit that everyone keeps thinking something could go wrong since we haven't heard anything before now. Oh and also, I didn't just join the board today at 4:57 or whatever time he said. I haven't been here a long time but you can find some of my previous posts on the board. Thanks Oldschool for the e-mail, we appreciate it.
OLDSCHOOL, was that you who e-mailed him and received the reply, if not does anyone know who it was?
At this point, so long after the 5 day DD, what possible reason could there be for this deal not happening? I doubt very seriously if the 16-20 Million price is going to keep any buyer from proceeding. Surely even if they need to finance, they knew going in if they were capable of getting the loan. No, I think papers are being prepared for closing, however I own a Title and Escrow Co. and I know if they want to they can make a deal happen fast. Just wish Galo would let us know something.
The plain fact is that a man of his caliber and involvement in very big money, is not going to join the board of a penny stock unless he sees unbelievable potential. His reputation seems to be of the highest and might otherwise be deminished in the eyes of his peers if he didn't see great things from this Company. IMO
The $.002 sale, according to someone at Yahoo board, was a Market Maker selling 5000 shares @ $.002 in order to trigger stop loss orders and buy up shares cheap. Maybe because they know price is getting ready to fly. That SUCKS that they have the ability to screw over good people that have hung in only to have their stock ate up by a slimeball trying to cover his own ass. Tomorrow is 7-11, good luck numbers for me and a great time for good news from Company.