ExpressJet (XJT)

[downsideup]

I agree it is worth more, and I expect the market will recognize that too... but, there are a lot of unanswered questions related to things that are ONLY relevant as issues in terms of the market dynamics. There are many companies that are worth more than their share prices indicate. Whether this goes up or down from here really seems it is much more about the market drivers than about fundamental value.

I expect the questions will be answered on Thursday... in part, at least. That the market is behaving as it is now does give us a good indication that perhaps the dilution risks have been over marketed. I think the shorts and bashers have erred in the elements that are driving the conversion... not note holders converting to get liquidity they didn't have... but note holders converting either to try to take control of the company, or converting because it is a really good investment strategy. The lack of selling thus far, and a solid day of accumulation today, suggests that we may not see the massive share sales many expected to materialize ? If you sold for immediate liquidity, you don't need to wait for the strategic update on Thursday to sell.