26 October 2012

BRASIL : OGX Billionaire Batista Puts Up $2 Billion...Where His Mouth Has Been.


     It's close to put-up or shut-up time for billionaire Eike Batista's start-up OGX oil and shipbuilding companies.
     The OGX controlling shareholder now has put options that require him to buy up to $1 billion in new stock...at a 36% premium.
     Plus...he will also have to buy $1 billion in shipbuilder OGX stock.
     Drilling and output failures have hurt OGX stock...and its allure to investors.
     OGX needs new money to purchase some of the 174 potential oil field blocs to be auctioned off by Brasilia in May.
     Boastful Batista's net worth has plunged by 50% since March...though still a robust $20 billion.