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Sunday, July 15, 2012

Black Friday the 13th for APPVION

APPVION will still be the new name for APPLETON (Papers) despite the last minute failure of the proposed business combination with Hicks Acquisition Company II (HKAC).  Hicks apparently asked for a waiver to bring significantly less cash to the closing, citing "volatile market conditions."  This after Hicks also proposed to halve warrant holders' rights to purchase future stock (HKACW).  So the shrewd deal is dead.  Let's check how well the first Hicks Acquisition Company business combination with Resolute Energy (REN) is going:  oops, just got downgraded to "sell".  
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