Jim Letourneau's Blog

Investing, Technology, Travel, Geology, Music, Golf. I think that covers it.

Hey Porter

Hey porter! Hey porter!
What time did ya say?
How much longer will it be till I can
see the light of day?

Johnny Cash

Porter Aviation Holdings Inc announced today that they were cancelling their planned initial public stock (IPO) offering due to market's recent volatility.

Our company is well-positioned to wait until the equity markets stabilize before deciding whether to proceed with a new public offering according to a statement by Porter CEO Robert Deluce.

The markets are not friendly at the moment and Porter is willing to risk waiting out the current market mess before hitting up the markets to clean up the company's balance sheet. Meanwhile just beyond the horizon, vultures are starting to circle...

My take is that stable markets could be 6 months out (or longer) and at much lower levels.