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There were no other suitors besides WNR because the 38% they already own is a billion or so less than another company would have to raise. AND the big banks were likely given a chance to profit by providing the capital if they voted their proprietary funds shares and tipped the balance to a guarantee.
Does anyone else see this example of why the big banks should have been forced to split off their conflicting divisions after the crash of 08? Too big to be fair... no?
I will take the cash and move on because the risk reward is too high on WNR, who will have higher debt and dilution, so it will take time for their pps to recover. They will come back but they have to prove their new model over time. Couple that with the drop caused by people leaving. NTI holders will leave for better yields elsewhere. WNR was one of the most shorted stocks in the energy sector in 2013 and that will be fresh in a few memories too. I am reluctantly going to sell the remaining 2/3 after year end to delay the cap gains for another year. GLTA!
I hope to buy UGAZ at open in the morning with some money taken off the table here. Winter is finally here and the trend over there has reversed creating a likely short term gain. Storm today over the middle of the country will also factor into my thinking. I also like that PFIE is under $1 again and has no debt, low float. jugs is correct that it should not be under a buck so imo there is a possible double.
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