What is Jn's game here and why the push to the floor?
It has always been my hunch that this stock existed on public markets to extract the maximum amount of money from retail shareholders by selling them nice stories. The main avenue of this has been the extremely toxic p-note created when they bought SUNW.
The way I believe it worked was close to this, I posted the exact numbers before with all the links to filings etc, but it takes forever.
$100,000 from financiers -> $100,000 worth of toxic notes -> Notes convert to tons of shares and sold to retail for $1M-1.2M -> Most of that money used to create a new p-note -> Money used to buy SUNW -> Note holders slowly dump the note over a few years for over 1200% profit at expense of retail shareholders
This may sound really arcane but it's the reason the company has such a massive accumulated deficit.
As more of that note converts there have not been enough retail investors buying it to sustain the SP, and as it gets closer to fully converting, the SP is returning back to where it was before it was created.
In any case Nelson already made good amount of money for himself from this, but those p-note holders who I believe for several reasons are pretty close to them. If you judge Nelson's actions from a standpoint of what would benefit those holders the most, everything he does makes sense.
There have been several times when JN would put out big news and those holders would convert and sell shares at exactly the same time, almost like they knew it was coming.
Recently we saw a big sell off a few weeks before the bad news about Q4 came out. It will be interesting to see the 10-K to see if it can provide any hints as to what happened.
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