Danny Detail:
I disagree with a part of your post:
With regard to the latter, I will reach that conclusion by monitoring how effective or ineffective they are in their lobbying efforts with institutional investors that they announced in a PR on 5/14. Yesterday's price action seems to suggest that they have not been very effective to date. I expect I will be able to deduce more after the ASM and the vote count on prop #2 is announced.
I don't remember the full text of the PR, but, from what I do recall, I don't know why yesterday's price action would be an indicator of the success of the PR. I think the point of the PR was to get shareholders to vote "no" to prop 2. Is it possible to vote no to prop 2, and yet still want to see price appreciation in the stock? Your statement seems to imply that a "no" vote is tantamount to wanting to the price to fall. I voted "no" and can assure you that I recieved the proxy cause I own the stock, and that I am admittedly way overweighted here because I want and need the price to go much, much higher. BTW, perhaps we will never know about the success of the PR regardless of how the vote goes on 6/4. I fully believe that the institutions will vote based upon their DD, and subsequently, their decisions will not be affected at all by that ill conceived PR.
Also I think your post about the importance of the sell side analysts (as you've been saying all along) was right spot on.
I also agree with your concerns regarding shareholder activism, but I have not yet come to the conclusion that this one example is a precursor of more to come. At this point, I also think it's a stretch to draw a connection between all of the recent events. I belive the PR was a sincere although poorly executed attempt by one or several longs to bring attention to an issue that they have extreme feelings about. On the other hand, with the tremendous increase in the short position, I do believe that some powerful and influential people who may now believe they have put their $ in the wrong place at the wrong time may be looking for a way out. And when it come to shorts and big bucks my imagination tends to get the better of me.
PS. I spent last weekend visiting my best friend and his family in Mass and despite the poor weather managed to get one round in, and I was much better for it. Hope you manage to get at least one round in this weekend.
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