You may well be right in predicting the possibility of a heads-up from CEO Burckhardt this coming week. My thought is that it's too early for that as the counter-suit tells me his stance is being challenged. This is typical of a sparring match between both legal sides, My hope is that it will smoke out the other side and they'll surrender rather than go the more expensive route paying for legal work. However, if our CEO believes strongly enough in our case, then I'd expect him to steady the course. If this were to go to court and we win, the defendant would have to pay all court costs. Therein lies the rub. However, a judge will hear the proposed case before it ever goes to trial and he may toss it out the window if it lacks merit in his/her eyes. Court time is too expensive to waste on frivolous matters.
My hope is that CEO Burckhardt does, in fact, fill us in as to what is happening. But there can be no early resolution unless the defendants agree to terms on which both sides can agree.
So where do we shareholders now stand? Well, we have the opportunity to take a step back and reevaluate things. I've done that twice this week, buying more shares each time. My logic is simple and it is my logic and as such may not work for others:
The most conspicuously outrageous thing about PUGE is our CEO's background as an investment banker. There is no room for spurious behaviors in the life of an investment banker as his entire career rests firmly on his clean record. Blemishes are not acceptable. This single point motivated me from the start and I've been continuing to add here and there on dips.
Another item catching my eye is that Mr. Burckhardt has two sons engaged in legal issues involving mergers and acquisitions. While others point to this as good for PUGE, I disagree. Instead, what I see is that the man we're depending upon as the helmsman responsible for making our investments pay off has shown himself to be of healthy and outspoken ego. I like that! And with two sons engaged in careers of their own calling for the delineation of right and wrong in a very specific area of business law, I get the feeling that Mr. Burckhardt has a deeply rooted concern where moral issues arise. I'm thinking that he's spawned two legal facilitators at least in part because he, himself, is determined to do things right and as a Dad, has set forth his values.
Then there are the 8-Ks which by their very nature invite SEC oversight.
Add everything up and I think we've got a strong case for PUGE ownership. Unlike some others, when we get to a penny or two is not a meaningful consideration for me except for the fact that it will be important for friends similarly invested. I won't celebrate if we should reach 50 cents or even a dollar as it won't change my life. But I will rejoice for others whose lives would be changed by the sudden change in their fortunes.
From here, then, I hope to continue adding to my positions (2) in PUGE. I'm looking well beyond the next 8-K filling us in on the outcome of letters exchanged by attorneys. I'm waiting for news clarifying what Mr. Burckhardt has in mind for the shell that formerly languished and is now headed up by one Hermann Burckhardt.
We all need distance between today's PUGE and the former version which failed miserably when it came to enriching anyone but management. And even then, that management is now under attack, challenged by our CEO who has alleged impropriety due to the failure to properly register the sale of shares, said sales occurring at the hands of individuals lacking SEC credentials.
Whether or not we have clarity regarding the possibility of litigation, I look forward to February of 2016 as a likely month during which we will have a much clearer picture of what Mr. B. wants with the PUGE shell. It may well be a travel-oriented business but I could believe it will be something else as I haven't seen travel orientation to be a focal point of his priorly.
For those unaware, purchasing a shell is great for two reasons:
1. The buyer is purchasing a business structure already being publicly traded.
2. Building such a company from scratch and facing the SEC hurdles as well as horrendously expensive costs is beyond the means of most of us here, collectively. It is also a process that can easily take several years to complete.
This is why I maintain that Mr. Burckhardt has something in mind for this shell we call PUGE. I look forward to understanding his motivations and I believe he will deal squarely for everyone's benefit.
For me, then, the big question is this:
Do I have the guts to stick it out for the next few months in the hopes of finding I'd chosen well? I think you can answer that one!
And now you have my thoughts for a Saturday afternoon.
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