If there is a "lock up agreement" on the stock.......that
might explain, in part, what is going on. In 2006 a toxic financier voluntarily agreed to "lock up" their stock for 5 years. The SEC was crawling up their rear ends for a promotional campaign on VIASPACE (I won't post the ticker to remain on topic). Google it. It's in an April 2006 8K, but this is what I am talking about.
VIASPACE announced last week that SNK voluntarily agreed to extend the lock-up of its 61,204,286 shares for five years until April 9, 2011. This represents 21% of the outstanding shares in the company. These shares previously were restricted until June 22, 2006 under SEC rule 144.
VIASPACE founders, executive officers and others own 176,445,000 shares (60.5%) which are restricted under SEC rule 144. In addition, 27 million shares held by four shareholders have also voluntarily agreed to lock-up their shares for five years until April 9, 2011.
If these guys were feeling some heat, and perhaps in order to save "Mr. Friendly", they may have voluntarily agreed to wait another year just to remove the heat.
I ain't buying the.....we care about the company BS and so we'll wait another year or until there is a registration. The PR yesterday suggests to me, in hindsight, there may be something about what a mod and another poster said about Mr. Friendly's free trading shares being rejected by UBS and they would have a restricted legend on them again. The reason given about the other lenders not being able to sell, they didn't qualify under Rule 144. There had to be a registration, we were told days ago. The lenders couldn't sell under Rule 144 and someone get caught trying.
Just speculation......but something's fishy. Where's the other 25MM shares Mr. Friendly had? Good Lord that's a lot of shares in less than a year.
But hey, the silence could be by design as well. Let her drop, pick up some market shares, then start pumping again. We'll deal with the debt later.
