Bellatora Inc (ECGR)

[Gutsy Will]

Most likely the seller is using VERT. Over the past 3 months, I don't recall ever seeing VERT on the box. However, according to otcbb.com, VERT is the most active MM. So, the seller must be using VERT and selling everything at the bid.

NITE and AUTO are the 2nd and 3rd most active MM's which concurs with what anyone watching L2 in this stock has seen. They are the predominate MM's on the box and are most likely retail.



Assuming I am correct in that VERT represents the seller and all orders routed through him were sells, ~40M shares were sold since the start of 2008. This may be the company or the financier that is doing the selling, but it looks like some type of financing deal was made, regardless. The following paragraph is quoted from the company's 2007 annual report filed with pinksheets.....

"We have entered into an agreement to sell 3,596,450 shares of common stock for $400,000. The shares were issued but were not released to the purchaser. The shares will be released as funds are received. As of December 31, 2007 we have received an aggregate of $42,500 pursuant to this agreement and 382,123 shares have been released to the purchaser. The remaining 3,214,327 shares are not considered to be outstanding in these financial statements."

Was this agreement revised to compensate for reduced pps? Per this agreement, they were to sell 3.6M shares for $400k, ~.111/share. Since then, the pps has dropped significantly, so to raise same amount of funds, they would have to sell roughly 36M shares at a penny average. Is this what has happened, who knows? Anyone's guess is as good as mine. If so, the selling may be close to done, if not done.....only time will tell. That 6M volume day on Tuesday was abnormally high, so maybe that was the last bit of selling? Again, only time will tell.

So, if VERT is the seller and the 40M shares sold this year were new shares issued or sold by the company, we're looking at a current OS of roughly 100M, I'm guessing. At 100M, that puts the current market cap at ~ $700k :)