Sunday, November 27, 2016 10:00:56 AM
With the contract agreement for the drillship due on the same day as the proxy I see a couple of scenarios.
a) there is already a private placement lined up waiting for the vote. But it seems to me it would take a couple of days to process this and they couldn't meet the monetary commitment for the contract until it was closed.
b) Pacific drilling has agreed to some type of stock/warrant deal to guarantee the contract. This would be pretty far fetched, but these are unusual times.
Either way the market seems to see a strike price of 1.20 on whatever kind of deal is in the works.
Suppose we'll know something on the 29th...
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