Not disagreeing with that. Your Numbers are accurate, but those other shares traded, have most likely been here... and know the "HISTORY" of BTGI and BTGI CEO. I agree, Didn't take as many shares as last time (65 Million)... to drop PPS. Numbers need to be looked at in Relation to last 14 months. As I said, Future Dilution, just as Future Earning get Priced in to a PPS...
The Problem: FAILURE by a CEO in PENNYLAND, is not only an Acceptable Practice, it REWARDS a CEO... It's much EASIER for CEO to make money selling Company shares, than Build a Company.