I had a 20 minute conversation with our CEO today, Mr. Lancaster. Being that I own roughly 5% of the company, he agreed to speak to me directly, however, I had to sign and notorize a non-dislosure agreement and fax it back to them. The original must also be received via mail. They got it today and I got my phone call from Mr. Lancaster this afternoon. I was very surprised.
As you all expect, I cannot share anything with you regarding my conversation with him even though nothing new was revealed because if it was BIGN would be in violation of public domain release laws regarding sensitive news governing a publically traded company. However, he did allow me to ask open ended questions with multiple closed-ended answers which he did answer. This way he is not violating the law because from his perspective any answer given to me was speculative and has non-defining basis.
I was very impressed with his candor. He's a very smart guy. They sincerely do care about the existing shareholder base and do monitor the stock price daily. News is coming anyday now regarding the East Texas LOI. I went over a list of items that I feel will give shareholders a better comfort zone going forward. He said he liked the list and will use it when structuring future press releases. Basically, I wanted to make sure he was aware that we have fallen so much in price and that they can do things to prevent this from happening. The stock is news sensitive so by controlling PR's in a timed executed fashion they can control the stock price from falling so hard. He said they have many events to disclose but they could not release them while they were in the final negociations with the seller of this company. When you buy a new car you want the salesman to think your as poor as possible so your the one that can have the edge. If the seller thinks you've got other irons in the fire he will not be as agreeable when working out the terms of the agreeement.
Late guys.
