Okay, I’m either really stupid or I’m missing something.  Can someone sell me on this deal other than the fact that RPL’s past management’s mistakes (and lies) robbed shareholders of an incredible amount of wealth and this is their best, or only option.  Now, I’m not talking about those savvy investors that managed to time the market and made a tidy bundle buying recently.  I equate those lucky folks to someone who just walked into the casino, sat down at the poker table, and got dealt a royal flush at the expense of some losers that have been playing all night without as much as a pair.  No, I’m talking about investors that bought the story on the PWT deal and before.  So let me get this straight.  In December ALX announced it was buying assets from RPL for $32M.  It also issued a boatload of paper and future untold riches for those providing the capital to raise $26.5M.  ALX then raised another 75M in a separate financing.  In total that’s about $100M of real money.  So they then managed to inflate the ALX share price in very short order, and leveraged that into buying RPL.  Wasn’t the market cap of RPL even at its lows about $170-80M.  If those numbers make sense, and the ALX management everyone talks so highly of just used $100M to buy a company valued at $180M, well then they truly are geniuses.  Along with the untold millions they will also pay in management, transaction, advisor, etc, etc, fees, this seems like an absolute rip-off for anyone who bought RPL little more than a year ago for a dividend.  The only reason I can see that there is not more of an uproar from long-term investors is that RPL was a dead duck anyway, and perhaps getting a little back has placated everyone.  So, am I dumb or am I missing something?  ALX management may be good but $80M or whatever it amounts to seems to be a pretty steep premium for a new team.  If I am not incorrect on the above, this deal doesn't just stink, it stinks bad for RPL shareholders - on the opposite side, probably great for ALX.
Now I think I could point out a few other very suspect things in this deal but without reading all the previous posts, I’m sure others have already.  Plus, even though I sold out in the past few days at a loss, not a big deal, I had a very minor position.  Thankfully didn't get caught in this mess and feel sorry for those that did.  I only follow it with a morbid curiosity because it ties into a bigger theme - that being the slow death of the once vibrant Jr. oil market.  It used to sadden me but is it at all surprising when one constantly see’s shenanigans like this going on.  I mean, who makes money off of these crapshoots?  Management, insiders, financiers and the so-called advisors, that's who.   And even though they may have some skin in the game, they don’t make just a little money, they make egregious amounts of it.  And what of the poor retail investor?  Lucky them, they get the joy of seeing someone else getting rich off their risked investment.  Oh what fun it is to enjoy a roller coaster ride of stress only to end up losing money while holding onto the thin hope that the new A-list management team can miraculously patch together another group of crappy Jr’s in an orgy of acquisitions that might someday get taken out at a premium.  Yea.