Major Investor Tells Penn Virginia to Take BP’s Money and Run

Last week MDN told you that vile big money investor George Soros has finally forced Penn Virginia Corp.–a driller for which he owns 9.1% of the shares, likely the biggest single outside investor–to consider offers to sell itself. BP has made such an offer (see BP Makes Offer to Buy Penn Virginia, Other Majors Interested Too). Rumor has it that Penn Virginia rejected BP’s offer as too low and is holding out for more. That doesn’t sit well with another shark, er a, big money investor in the company, Lone Star Value Management, which owns 2 million shares of Penn Virginia (2.8%). In a press release, Lone Star essentially asks Penn Virginia if they’re nuts. Lone Star points out the BP offer, if it is what is rumored, is 80% above where the stock has been bumping along. Cha-ching! Lone Star is seeing big bucks swimming before their eyes and they’re hungry for it…

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