Replies to post #36376 on North West Oil Group, Inc. (NWOL)

[eik]

This would be a good guess, except: SNGF wanted cash and Mr. Fomenko, who supposedly controls almost 90% of SNGF shares, planned to quit oil business. Besides, even $45 mln wasn't enough, initial ask price was $60 mln, could be negotiated down, though. They still needed up to $15 mln to close transaction, and 210 mln shares even at 0.05 is $10.5 mln. So, you may be almost right. Another guess, trying to rationalize dilution - they may want to exterminate old NDOL insiders, by bringing their % of ownership closer to zero. Unfortunately, you can't do this w/o hurting other small shareholders...

We will see what Strongus and Wendel will find out tomorrow. Technically speaking, every day like today damages the chart. It will take a big news just to reach 0.05 level now.
IMO.