Tuesday, September 04, 2012

Venoco Update

We did receive an update from Venoco (Ticker: VQ) today regarding the status of the financing for the management buyout. The press release stated the following: “…Rick Walker, chairman of the special committee of the board of directors, stated, "Mr. Marquez has delivered evidence of commitments covering all of the required financing for the merger. Drafting of definitive documentation is in progress and the special committee and its advisors will be reviewing that documentation as it becomes available…” I do believe we are close to the finish line. The extension to wrap up the financing has been extended to September 13th. The risk reward is becoming much more favorable as we receive additional information on the financing. I added more Venoco today at $11.43.


At September 05, 2012, Anonymous Anonymous said...

Do you think bondholder lawsuit has any legs?

At September 05, 2012, Blogger Money Turtle said...

I haven't seen anything with the bond lawsuit. I've seen the normal class action ones from the ambulance chasers. Those will be dismissed.


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