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Loeb's Third Point Discloses 8% Stake in TXCO Resources

by: Lon Juricic November 29, 2007 | about stocks: TXCO

Lon Juricic

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In a 13D filing on TXCO Resources, Inc.(TXCO), Daniel Loeb's Third Point LLC disclosed an 8% stake (2,750,000 shares) in the company. Loeb said the stock is undervalued and he cited concerns about the Company's ability to manage the opportunities of its development projects. Loeb intends to nominate three invididuals to the company's board of directors.

Loeb's spent approximately $34,536,430 to acquire the 2,750,000 shares the hold (about $12.56 per share).

TXCO Resources Inc. is engaged in the exploration, exploitation, development, production and acquisition of onshore domestic oil and gas reserves.

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This article has 2 comments:

Dec 28 10:14 PM
I bought shares jun. 07 at 11 dollars This cmpany is very well managed and much undervalued. 23-27 dollars by nov. 08.

Reply
Dec 28 10:34 PM
amgn very frustraing but it will but it will turn. 75-80 spring of 09 im hanging on to my shares even if slides down more whitch i think it will. check cxz great buy it it has already even out my amgn . dont hesitate institutions are loading up on this one.
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Loeb's Third Point Discloses 8% Stake in TXCO Resources

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Loeb's Third Point Discloses 8% Stake in TXCO Resources

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