05-13-2013, 10:50 PM
I view this is as a short term negative (the shorts will use this as "No- deal" ammo so be prepared) but a mid/long term positive. As Tree mentioned above Mitsui already placed a very high price tag on E/A and has been in this project for a long time now. I believed from the beginning they would be the winning bidder due to the fact that I thought they wouldn't be outbid. If this is true this tells me someone has outbid JKM which means the stock will be trading in the hundreds here shortly or someone got very close to JKM's bid but had other contenginces attached that made their bid more attractive than JKM's. Either way this confirms for me that the SM's are bidding aggressively and the stock is dramatically undervalued. As for $12MM we owe JKM, that's pocket change compared to what we will get from the SD and I'm sure we will pay that off the moment the SD is complete.