There was a 1:10 reverse on Nov 8, 2011, followed by a 1:500 reverse on March 2, 2012.
Those two reverse splits were effectively the same as a single 1:5000 reverse.
The 1:500 reverse split of June 4, 12013 that occurred under the reverse merger with Finjan created the equivalent of a 1:(5000 * 500) = 1:2,500,000.
The most recent, 1:12 reverse is equivalent to 1:(2,500,000 * 12), or 1:30,000,000.
The former CEO of COIN, Ed Gildea, is now a member of the Board of Directors at Finjan.
At one time, Gildea held 2.3M shares of Converted Organics stock. After all the reverse splits, it's now the equivalent of less than one-tenth of one share of FNJND, which means his 2.3M shares were essentially worth about $1.25.
At the time of the reverse merger, but before the most recent reverse, Gildea had 2 shares of Finjan, then received 241,938 shares as a sort-of golden parachute, for a total of 241,940 shares.
On the day of the merger, Gildea's shares were worth something like $350K. Following the most recent reverse, Gildea now has 20,161 shares, and at Friday's closing price of $8, those shares are now worth only $161.3K, or less than half the value on the day of the merger.
Don't feel too bad for Ed, however, because by using convertible debt from Iroquois and Hudson, he was able to keep Converted Organics alive for a couple of years, during which he received a very nice salary, and so was likely able to recoup a good portion of his losses.
----------------------------
Appears it went to loan and taxes
Yeah, the Cash and Equivalents fell by $63M (million) between the end of 2012 and the end of Q2 (June 30), but the cash flow statement in the 2Q 10-Q shows that nearly $34M were used to repay a loan, and $25.3M went to income taxes, so it looks fairly legit to me.
See page 5 of the 10-Q for 2Q/13
Ambition with out knowledge is like ship in dry dock. Going nowhere fast!
