Sum -

I agree with your supposition that the price is being "held" in the $2.00 range for a reason - and that reason is to make an offer of $5.00 look economically "attractive" to shareholders.

I believe that a final outcome of any such "low-ball" offer will be based on the perspective of those many long-time shareholders who bought shares when the stock was below $1.00. Will those folks be willing to hold out for a higher offer or will they take the "bird in hand?"

There have been a lot of numbers thrown around to try to approximate the "fair" company value (as reflected in the share price). and I think that the "in sutu percentage" approach that we have discussed makes a lot of sense. It also strikes my uneducated mind that this is the methodology that a potential suitor would use to base their offer.

That being said, it seems that a pice between $7.50 and $15.00 would be reasonable. Accepting the "board's calculations" that would reflect a share price based on something between 2.5% and 7.5% of the in sutu value. While a share price based on 10% ($15.00) would be great it would certainly be the result of a bidding war.

A business relationship with Conoco Phillips may be very positive for the company (and its shareholders) but at the risk of sounding mercenary - show me the money.

- panamax