Replies to post #45674 on Sphere 3D Corp. (ANY)

[My401K]

Marsh, I've avoided posting for a few years because of a security breach on another board, and was very skeptical even back when the stock was worth 100x what it is now. I knew EK's history well.

My read of the situation is that Opus Bank now has the rights to assume ownership of "substantially all" of Sphere 3D's assets. I am also sure that they don't want to do this, as this would likely make those assets completely worthless.

I also assume that EK, and his buddy VMF, want those assets (perhaps not wisely so, but to satisfy their collective, uh, shall we say, ambitions?).

At this point, EK and VMF have little reason to pay the full, agreed on price. They merely have to convince Opus Bank that they will pay more than anyone else for the Overland/Tandberg operation. My pure BS and speculation is that O/T will wind up going for about 8M US.

I suspect that the timing of the special meeting, in conjunction with the expiration of the Opus loan extension, was EK and VMF are gaming the system (again?), and CCP and their affiliated bank were/are probably participating with cards they aren't showing. Public corporation, backroom deals (for management's personal benefit).

It will be entertaining to see how it plays out.

[Hugodrax]

One analyst even likened the merger to EMC and VMware merging.

The saddest part about the ANY saga is that some real people got REALLY hurt. Sure, one can blame them for being greedy or naive, but the company’s behavior was absolutely disgusting, IMO. I’m aware of one fellow who bought hundreds of thousands in stock and call options after the Infamous Eric Kelly pump letter.

The second saddest part is how OBVIOUS the joke was here when the stock was at $250 ($10 pre reverse split).

The third saddest joke is that someone out there is supposedly dumb enough to give Eric Kelly $40M to buy this thing out. My math may be off, but I think if you invested $10,000 with The day He became CEO of Overland you might have 50 cents left. Maybe.

I am most thankful that Opus Bank lent this company money. It showed me how awful their underwriting standards are so I shorted it heavily. Their tech lending book imploded and it got crushed. Tip: if the US heads into recession, consider shorting OPB. They are dumber that Deutsche Bank.

IMHO