Over the weekend I wrote at length about one of my riskiest stock picks, ANW. Here is what I wrote:
"ANW has really hurt my over past month+. They have had a management takeover, which I thought would be a catalyst for great things (and perhaps it still will be). But the first thing they have done is go through everything with fine tooth comb, and they did find a chunk of receivables were there appears to have been fraud. So now they're under a cloud of worry, lenders may pull financing and perhaps other issues will be uncovered. If those things happen, I suppose common shareholders may be holding a serious bag of a smelly substance, But there is also a chance that there is not much else, some of fraudulent funds can be recovered, lenders can be convinced it isn't in their best interest to close up credit. Then stock could appreciate substantially. Stay tuned."
Today came this press release: (
| Aegean Marine Petroleum Network Inc. Enters into MOU with Mercuria Energy Group to Complete US$1 Billion Refinancing and Explore a Global Strategic Partnership |
So the stock is up to $1.44 as I type (from 63 cent close on Tuesday). Part of me just wants to sell and come out ahead (my basis is 1.37, so I was down 50% going into today). But part of me says, be patient, this think is now worth $2.00. Either way, woo-hoo... I think I'll be in good shape.
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