Bain Creek, a 21% shareholder, has been buying up this stock in droves. Apparently they tried to register as a direct record holder, but they claim the transfer agent failed to change the registry three times! They wanted to elect new members to the board, but apparently Legacy Reserves refused their request by citing an obscure bylaw in their articles of incorporation
In retaliation, Bain Creek has decided to abstain from voting in the upcoming Annual Meeting in the hopes that it will prevent Legacy from establishing quorum.
Bain Creek aggressively accumulated in 2018, and at terrible prices — at least comparable to the price today — with dozens of form 4’s filed in 2018.
Looks like they got an okay deal with this buy, but this is just one of dozens.
As you can see in the chart below, the price skyrocketed yesterday. Why this happened is still a mystery
This is the most recent news event preceding the price increase…Read more