We can’t help quoting this email sent to us by one of our readers, which we find amusing and underscores how the high drama at Hercules Capital (HTGC) has turned investors into psychologists and game theorists-and humorists:
“So when Manuel came out with his “opening” bid, I immediately assumed the pricing was intentionally high because he expected one or more competing offers, and wanted to lull the competitors into pricing their competing offers, high, so he could then reduce Hamilton’s bid at the last possible minute, without having to go “too low.” Now that the proxy has been pulled indefinitely, it causes me to think that Manuel was not anticipating a competing offer and he expect a rubber stamp of the shift to Hamilton. If he was truly not anticipating a competing offer, that just baffles me as to what his thinking was. Also, my first guess as to who would submit a competing offer, was PSEC, only because of its history as a “spoiler.” Frankly, I think if the proxy (or something similar is re-instated), I should just throw my hat in the ring … I would like to have a +$40m/year recurring cash flow handed to me, without having to pay for it.
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