IMHO - there are at least two things to keep an ey
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Posted On: 04/23/2022 12:32:29 PM
IMHO - there are at least two things to keep an eye on:
1. Shanghai Lockdowns: Depending on what news source you rely on, it would appear that the lockdowns are severe and the populous is under incredible strain. Adhering to a Zero Covid policy is more important to the Chinese government than anything at this point. I can't imagine $EGOC executing on the big reveal until after the lockdown is lifted and there is an opportunity for the people in Shanghai to get back to normal AND an opportunity for the news cycle to wash out.
2. The "Pearlman shares": I wonder if the issue with the "preferred shareholder" is mislabeled. What if they are actually referring to the restricted shares that were originally granted to TCA Global Credit Master Fund, LP in lieu of investment banking fees. If you look at the disclosures prior to the Lazar clean-up, you'll see that "Energy 1 Corporation retains the sole and exclusive right to acquire the restricted shares issued to TCA Global Credit Master Fund, LP".
I'm not a lawyer, I just read what's available. It would appear that the Pearlman Receivership predates the Lazar clean-up. Would those restricted shares have been under court protection... does that explain why they are still on the books?
So if you are the new owners of EGOC, I would think that you want to acquire those shares now. They represent a sizeable chunk of the common stock. At current prices, not a difficult pill to swallow... but post-reveal, could be painful.
If you follow: https://tcafundreceivership.com/index.html you'll see that Pearlman tried to have the deadline for objections to his distribution plan set for March 28th - but a judge pushed it to April 29th to allow a full 60 days. If the plan goes unopposed, does that mean more asset liquidations will trigger in early May? No idea, I just think it is an interesting side-show while we wait for the main event at center ring... and with an approved plan, perhaps Pearlman would be authorized to liquidate the EGOC stake.
Of course, everyone needs to do their own DD. Again - I'm no lawyer. I created this post purely to see if anyone else has similar curiosities.
Like most on this board, I'm long and hold a sizeable chunk of stock. I think this company is primed for big things. There just seem to be a few things holding back the big reveal and like many, I am trying to rationalize it.
1. Shanghai Lockdowns: Depending on what news source you rely on, it would appear that the lockdowns are severe and the populous is under incredible strain. Adhering to a Zero Covid policy is more important to the Chinese government than anything at this point. I can't imagine $EGOC executing on the big reveal until after the lockdown is lifted and there is an opportunity for the people in Shanghai to get back to normal AND an opportunity for the news cycle to wash out.
2. The "Pearlman shares": I wonder if the issue with the "preferred shareholder" is mislabeled. What if they are actually referring to the restricted shares that were originally granted to TCA Global Credit Master Fund, LP in lieu of investment banking fees. If you look at the disclosures prior to the Lazar clean-up, you'll see that "Energy 1 Corporation retains the sole and exclusive right to acquire the restricted shares issued to TCA Global Credit Master Fund, LP".
I'm not a lawyer, I just read what's available. It would appear that the Pearlman Receivership predates the Lazar clean-up. Would those restricted shares have been under court protection... does that explain why they are still on the books?
So if you are the new owners of EGOC, I would think that you want to acquire those shares now. They represent a sizeable chunk of the common stock. At current prices, not a difficult pill to swallow... but post-reveal, could be painful.
If you follow: https://tcafundreceivership.com/index.html you'll see that Pearlman tried to have the deadline for objections to his distribution plan set for March 28th - but a judge pushed it to April 29th to allow a full 60 days. If the plan goes unopposed, does that mean more asset liquidations will trigger in early May? No idea, I just think it is an interesting side-show while we wait for the main event at center ring... and with an approved plan, perhaps Pearlman would be authorized to liquidate the EGOC stake.
Of course, everyone needs to do their own DD. Again - I'm no lawyer. I created this post purely to see if anyone else has similar curiosities.
Like most on this board, I'm long and hold a sizeable chunk of stock. I think this company is primed for big things. There just seem to be a few things holding back the big reveal and like many, I am trying to rationalize it.
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