I know we are on the outside looking in so we only have so much to go on, but it’s mind boggling to me how much of this makes zero sense. And these are publicly traded companies.
I would say they had fiduciary duty to shareholders but we just saw SAGA actually argue to the court that under Delaware law they legally owe no fiduciary duty to their shareholders. Makes you feel great about being invested under something like this doesn’t it?
Anyway, nothing as far as the space deadline or the shares paid out before the deal was even SEC approved makes any sense to me. Neither do the Kelli Austin arguments or their lawyers to the court recently.
The only thing that makes sense is that Charles backs out of this deal (wasn’t he able to if it wasn’t completed by Dec 31st anyway?) and finds any other route to take this.
You can’t tell me a couple flimsy lawsuits against ENZC led to this being the only route to get their pipeline away from it. I don’t believe that for a second. I think they took this deal bc they were able to create shares out of thin air under SAGA and pay themselves 25 million each in shares.
Like I keep saying, idk what their options are or where this goes from here but I can’t see any positives coming out of staying with the SAGA deal.
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