(over)reaction!, page-5

Hi drum, the citi report was after the report by PBG. Before that, they had PBG at $1.20. I bought long before citi report as I thought they were low risk as they only acquired sheridan, hard yarka etc which geared up their balance sheet.I had traded PBG earlier at around $2.80.
I think the new CEO wanted to have a clean slate and used the recent economic downturn to make her mark, using Mckensi analysis to give them an excuse to make the hard decisions.PBG already had over 70% of their production overseas. I double my weighting because they intended to pay 3c dividends and then they must have got cold feet and not paid all together. I had no issues with that as it is time to conserve their cash reserves however I do not like to be misled which cause them their creditability.