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Thursday, July 10, 2008 10:05:27 AM
"JPT has not purchased any new equipment sense the LOI was signed."
That might be difficult to do since they seem to be running things pretty tight and they lease a lot of equipment which is fairly normal for the industry. The lawsuit might have been a problem in getting new leases.
"My dad said that he asked around the HQ about the RM and everybody was real hush hush about it. When he mentioned to a top dog about JPT needing to buy new equipment the guy said “that wont be a problem much longer”"
This could mean the merger is going through or not. Could mean out of business, sold or merge or the lawsuit issue, or the respective employee has another job offer and it won't be his problem.
"If the deal was off I don’t think everybody would be so secretive about the RM"
The employees have likely been told not to comment about it to anyone. This is not conclusive especially if the company is bound to a quiet period.
"All so my dad said Jim Palmer seemed happier than usual."
Maybe he has a load off his chest. Maybe the lawsuit settled.
"Don’t take this info as a sign the RM has gone through
I just thought you all should know."
Thanks again for the update. Now here is my view. My view is based on not what people say but what they do, looking at the mechanics of the transaction. This is what I am seeing. Yesterday Galleon and Sequoia filed suits in Sarasota against other companies. It has been common practice to have multiple lawsuits on days the lawyer goes to court, most likely to keep down the cost of lawyering.
We still have the issue of the debt on the books of 350k. I fully expect this to end up in Sarasota to be resolved. In essence then, the shell is not clean yet due to the remaining debt.
You could put forth the argument that the money that Sequoia raised is going to pay off this $350k but that does not match up to the whole deal starting with a $250k loan, which indicated that this was about funding.
Because no lawsuit was filed, because we are so close to the end of the 2 month period, because Peacock would most likely do the conversion of debt pre announcement, I am throwing up a 95% chance the merger will not go through.
There is the off hand chance that the lawsuit could get entered today which would then swing me in favor of the merger going through as planned. So there is the basis of my "opinion"
Derb
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