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The reason why Jana's shares suddenly "vanished" is

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DoUrOwnDD   Tuesday, 04/10/12 07:53:39 PM
Re: None
Post # of 3734 
The reason why Jana's shares suddenly "vanished" is because all of their 25.2 million in stock must be in the form of options and warrants. And because all the options and warrants are "out of the money" then they are basically worthless at this point in time and have been since late 2010. That is why you don't see them in any Jana filings since 2010 (because they are not "in the money"). So since Jana can't exercise them, they can't have a value in the holdings reports (all the 13 forms nubs keeps complaining about).

That is also why all these websites say Jana "sold" all their shares because they have a bunch of computer programs that look at the previous filing compared to the current filing and see what is different. However, the computer program can't recognize options and warrants that are "out of the money" so it assumes that those shares were just sold.

This also explains why the 10-q states Jana still owns 13% of shares. Jana owns the shares, but just can't exercise them until the options are "in the money".

See Sticks post that discusses the equity structure in those last 2 paragraphs. It caught my eye earlier and then with this Vicis filing I took a deeper dive into it. For all we know Vicis might just be converting their regular common stock shares to "out of the money" options and warrants. They won't have to recognize those shares because they are considered "out of the money" while making all of us thinking that they are saying. These are very smart investors. They know how to work and manipulate the system to minimize risk and maximize gains.

Another advantage of being on the Pink is that KADR does not have to discuss who owns WHAT kind of stock, they just have to report who owns HOW MUCH stock.

Hope this helps. I believe we have a real gem here. Congrats to whoever found this. I hope you are still around.

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