First American Scientific Corp. (fka FASC)

[Net-Man]

The next ship delivery is September. So the only good news for DRYS might be the quarterly which is due around 8/8. Otherwise, it seems GE is still hell bent to pump more newly printed shares into the market regardless of price. Sad as it is, I suspect another RS will be announced soon.

~36 million shares outstanding as of last Friday. Probably another 10 million issued this week netting $9 million? $66 million left to dilute by this coming Friday? I believe DRYS will hit 45-50 million shares outstanding before the next RS. Another 1 for 5 split? By the end of August I think GE will have sold another $35 million in shares resulting in a 14 million outstanding. He will buy the remaining $25 million and get 12-13 million shares for the trade and be the majority shareholder without running it over the 50% ownership line. From $2.00 - $2.50 at that point, the pps will advance somewhere closer to NAV. Over the next 6-8 weeks though, this will continue to be a bloodbath.