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So far Patrick Albatross Anderson is on schedule at Noront (NOT.v). After being part of the proxy slate that bullied its way onto the BoD, The Albatross has managed to knock 25% off the value of NOT.v shares in just 12 trading days.
But that's the hors d'oeuvres when it comes to the magical powers of The Albatross, and today he and his pals hit the little guys with a classic Canadian screw the lil guy special. Noront has $25m or so at bank which is enough to fund its operations through 2009, but that hasn't stopped the new BoD from announcing a non-brokered (i.e. their pals in 'the houses' are already lined up with the cash) placement at $0.80 (virtually the 52 week low....nice time to get your pals on board) that will add 25m to the shares outstanding. Oh, and then there's the little matter of the 1.8m options at $0.80 that the new BoD thinks it deserves after a full 12 days of hard work.