ABWTQ -- another line of defence.
In light of today's "press release" concerning a new director -- I too find it a little bit curious of the timing.
Pulp Prices still strong. Lumber expected to turn over the next 10 days or so. If fact the trading by mm's on Tembec was so dead this morning for about an hour (ie a pre-cursor to lumber running up) that it just goes to show you the "rigging" of the algorithim trading system.
Anyone see the most recent Naked Short data through April.
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My understanding is that up until now Patterson has had a pretty good reputation in the industry. He has always taken care of his friends (so curious about today's release).
That said, the executive that I spoke to at another company says that the entire industry is waiting to see if Patterson has some tricks up his sleave at the very end in order to ensure that there is equity. OR if he will take the deal offered by the hedge funds.
My understanding is that if he takes the deal with the hedge funds his carreer in the industry is basically over (his credibility will be ruined -- and he will have crossed the line that most people do regular business within). Apparently, it is a very close industry group at the top. About the same as the North American Energy Patch.
Everyone is waiting to see if this will be like Calpine -- former Chevron guy came in to clean it up, then hand it all over to the hedgers -- took the money and the credit -- and then retired before his Chevron career could be squashed.
The article below details what might have to happen, in the event that an EC Formation is denied.
For those of you familar with Canadian Superior or Canadian 88 -- you know the story behind Management.
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Siskinds LLP and May Jensen Shawa Solomon LLP file securities class action against Canadian Superior Energy, Inc. and certain of its former officers and directors
LONDON, ON, and CALGARY, June 3 /CNW/ - Siskinds LLP, in London, Ontario and May Jensen Shawa Solomon LLP, in Calgary, Alberta, announced today that, on May 26, 2010, they filed a proposed class action on behalf of their client against Canadian Superior Energy, Inc., Challenger Energy Corp. and certain current and former officers and directors of the corporate defendants.
The plaintiff's claims concern various disclosures alleged to have been made by the defendants in relation to Canadian Superior's gas exploration project offshore Trinidad, and also in relation to Canadian Superior's stock option practices.
The claim is brought on behalf of all persons and entities who acquired Canadian Superior securities during the period January 14, 2008 to February 12, 2009. Persons who acquired Canadian Superior securities during that period are encouraged to contact Siskinds LLP for further information at (800) 461-6166, ext. 2380.
Siskinds LLP has successfully resolved more securities class actions than any other law firm in Canada, and is co-counsel to the plaintiffs in the first case certified under Ontario's new investor protection legislation, Part XXIII.1 of the Ontario Securities Act. May Jensen Shawa Solomon LLP successfully resolved the largest securities class action settled in Canada in 2009.
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End.
AI
