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UPDATE: Institutions loading up on BRLC at sub $1 prices???

posted 02/28/08 10:19 AM | Viewed 224 times

Link to Business Week Story

Unless I read the link above incorrectly, it looks like institutions are loading up on BRLC at sub $1 prices.  I'm not sure what to make of this.  Am I mistaken in my interpretation of the chart?  It looks like about 5 million shares have been purchased over the last few days, while only 1.8 million have been sold.

Opinions?  I'm not sure what to make of this.  I didn't even know that funds could/would buy something at such low stock values.  edit: I'm a bit untrusting...but hey, BusinessWeek is a decent site...maybe I'm misreading the info? hm.

I would think that this bodes well for the stock not going bankrupt.  Of course, they did receive a delisting notice a few days ago, which they are appealing...but there's too much to explain about BRLC.  See my comments on my previous BRLC blog for a brief summary.

Update: The stock has been up a lot today.  Fluctuating between being up 9%-15% so far today.  Is something going on?  Whatever the case, if there is news, it hasn't gotten out yet.  Well, over lunch, the stock only managed to stay up 6%, but that's still pretty decent.

 

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Edited by DannyUpshaw at 04/09/08 10:06 AM
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snowman

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snowman
Posted February 28, 2008 (01:13PM)
I do not think it could get any worse than that. Delisting March 4, for failure to meet two requirements. Usually you have 3 to 6 months. The credit amendments concerning covenants, does not allow them to borrow anymore money without approval. I have no Idea where that article is getting its data from. My guess is it is either short covering or shares they are selling short. I read somewhere that the stats to not reflect that.(selling short or buying) At any rate DUMP it, I see no possible way the stock goes above a dollar to avoid delisting unless they get a buyout.
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DannyUpshaw

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DannyUpshaw
Posted February 28, 2008 (03:02PM)

I think that I have figured out the reason for the bounce, which is almost back to breakeven on the day.  The company filed an appeal to keep itself listed.  In other words, it is unlikely that they intend on filing bankruptcy.  It's unlikely that they would have appealed if they were planning on bankruptcy.  That may have brought about the short lived bounce today.

But yea, I'm debating bailing....I'll give it another day or two and see what happens.

 

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