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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Although headquartered in Radnor, Pennsylvania (near Philadelphia), Penn Virginia Corporation is an oil and gas driller (i.e. “producer”, i.e., E&P company) with only a small presence in the Marcellus Shale: 21,700 net acres with no drilled wells. They concentrate on oil drilling the Texas Eagle Ford Shale play. MDN told you in March that Democrat billionaire corporate raider George Soros, one of the most vile big money investors in the world who has repeatedly damaged not only corporations but entire country’s economies, had taken a 9.1% ownership position in Penn Virginia in order to force it to sell and was doing exactly that (see 
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