Wednesday, March 11, 2009 9:49:03 PM
yeah, i've been trying to figure out what happened too.
Things seemed to take a downturn right after the pp.
Theoretically, it should have only gone down to .70 or so.
Ok oil prices collapsed along with the economy and exploration spending got curtailed. Thing is, dpdw's still got plenty of regular business to keep busy. I don't see that accounting for the further 85% drop... Basically we have bankruptsy pricing right now on the pps but they are not in any danger of bk so far as I can tell. Oil prices are even starting to tick up a bit.
No, I have to conclude that the big stickler is the stalled registration due to "comments" by the sec. Nobody knows what these comments may be. Probably they are just run of the mill grammar and crossing the t's stuff but there is that nagging possibility that something could be in there to derail the flotec acquisition. Flotec looks to be a gold mine but the share price right now is like there is no flotec nor future "goodwill" factor in the valuation.
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