Quote:
Originally posted by sincity
The stock only went down today because people just did not understand the press release. People thought that Pet Capital just took over the company. IBD does not have any voting rights so it looked like Pet Capital just took over the entire company.
I am sure after the close today more people read the press release and you will see some buying tomorrow.
IBD was not their debtor. Pet Capital was the debtor and they sold 48% to IBD. IBD went down because of the piss poor job they did when they submitted the IBILL sale to the AMEX. It made them look like a 5 year old child submitted the papers to AMEX. Very bad Mgmt.
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They sold 48% of non-voting stock from General Media - the publisher of Penthouse. Pet Capital then owns holdings in General Media, and the debt is being swapped out for new common stock once emerged from Chapter 11.
This stock will not perform. They will just run thru the money they are receiving and continue to drop.