PIW's claim that Merle is selling is doubtful for at least two reasons. First, there two SEC filings of his disposing of shares, neither of which were done in the open market. They were transactions on 9/30/22 and 12/13/22. Both were gifts from a company that he is an executive officer of to a non-related person. Therefore the gift was from a company which he has indirect control of. The amounts were 20,000 and 10,000 shares respectively. As an officer and a ten percent holder of bfnh, he has to file every sale, which he did here, immediately after the transfer.
Second, in the months before the recent sales, starting on March 20, which PIW says are his sales and others he knows, the volume was so low that it would be impossible for anyone to sell enough shares to make any meaningful money. Less that a million shares were traded between July of 2022 and March 20 of 2023. Ferguson is listed as the owner of 16 million shares directly and almost 2 million indirectly through a company called Trade Exchange International. At about 2 dollars a share, this is about 2 million dollars if Ferguson sold all those shares. Hardly an amount worth risking jail for.
I have no idea if this company will make it or not. But the claims that it is a cesspool are unfounded, IMHO.
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