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"(Management) does not want to INCREASE THE A/S or do a R?S!" Really? So why is Phil telling every single shareholder who calls that the reverse split is nothing less than crucial?
I can wait until they scan it in. I was just mildly curious.
There was an amendment filed with sunbiz.org on 2/25 but there's no detail (as of this writing). Does anyone know what it is?
http://search.sunbiz.org/Inquiry/CorporationSearch/SearchResultDetail?inquirytype=EntityName&directionType=Initial&searchNameOrder=PLEASANTKIDS%20P050001302652&aggregateId=domp-p05000130265-96a71744-dfcd-46eb-a59c-5ff88d67b2b3&searchTerm=pleasant%20kids&listNameOrder=PLEASANTKIDS%20P050001302652
The notion that Phil is concerned with the legality of releasing an informative p.r. to all shareholders but is comfortable giving the skinny to any Tom, Dick or Harry anonymous caller doesn't make a whole lot of sense to me.
I suspect that either management's benevolence or its competence (or both) is being somewhat overrated by this board, but I would welcome discovering I am wrong about that.
The meeting is two weeks from today, and the vast majority of shareholders will not be attending; i.e. -- their votes are being cast now or will be in the near future. Unless a statement such as you describe is forthcoming very, very soon, I will conclude that they have no need to change anyone's mind. They have the votes they need.
If that benevolent interpretation was the actual reason for the preferred, why didn't they just state it plainly? Instead, they chose to use this language:
Unlike the 10Qs, the 10K must be audited, and last year's 10K was not released until 3/31. Coupled with the fact that ECIG changed accounting firms in mid-January, it seems unlikely that this year's will be released early. But could it happen? Yeah, it's not impossible.
Vuse is a product of RJ Reynolds.
Ray, you seem like a guy who is given to some reflection, so let me ask you something. If you were a top officer in a company and you believed that a reverse split of the common stock was desirable for some reason, would you subject yourself to the expense and aggravation of calling a meeting to bring it to a vote unless you thought the results were in the bag?
In fact, knowing the outcry that would inevitably ensue from your outraged shareholders, would you even broach the subject of a reverse split unless you believed the desired outcome was a lead-pipe cinch?
I sure wouldn't, and my instincts tell me ECIG's management wouldn't either. I know the numbers in 14a suggest that insiders did not control the vote at the time of the filing, but my gut tells me they do now or they will by March 10.
In other words, I think we're missing something. What it is I do not know.
That is very much an "unapplied math" view of the dynamics of a reverse split in the penny world. The reality is that the post-reverse split price rarely holds, and it may not even open at the post R/S price. Shareholders have every reason to be concerned.
It is the wording in 14a that is confusing the matter. This phrase, "If no voting instructions are indicated, your shares will be voted as 'against' the proposal," appears to contradict what you are saying.
But I do not think your interpretation accounts for this phrase:
"THIS PROXY, WHEN PROPERLY EXECUTED..." Is there not a difference between no proxy and a properly executed one?
Agreed. I am only cautioning against "we have the votes" complacency. Maybe, maybe not.
That could be very significant. Shareholders might have to be pro-active to insure that their shares are voted as they wish.
I'm a bit confused by the text of the sample proxy card. It reads:
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED AS DIRECTED. IF NO DIRECTION IS MADE, THE PROXY SHALL BE VOTED FOR AN AMENDMENT TO THE COMPANY’S ARTICLES OF INCORPORATION EFFECTUATING A REVERSE STOCK SPLIT AND FOR AN AMENDMENT TO THE COMPANY’S ARTICLES OF INCORPORATION PROVIDING FOR AN INCREASE OF THE COMPANY’S NUMBER OF AUTHORIZED CAPITAL STOCK.
Perhaps it means that if you submit a properly executed proxy card but do not vote on one of the proposals, a vote will be cast in favor of that proposal.
What people are countering is that if the A/S is raised to 330 million common shares and a 1:10 reverse split reduces the outstanding to 30 million or less, there would be 300 million or more shares authorized but unissued. That creates the potential for very significant dilution.
This looks like good advice to me: #msg-52261481
It was posted on FRTD: #msg-103278303
Yes, June of 2012 must have been an exciting time.
Oh look, a company with a similar name that has actual success stories.
That's exactly what I thought. The guy has an all-star CV. Perhaps CSDT has slid dramatically on his hierarchy of interests recently. This purported email from 11/13 suggests that possibility: "I have to confess that I did not notice the website was down - we must have missed the renewal (my Administrator got married and left)."
"anyone called farkas to see if he's heard of fortitude?" Not to my knowledge but it would be an interesting bit of info.
It would add some much needed pizazz. The storyline is stalling here.
I'm not 100% convinced that CSDT even knows about it. The p.r. didn't contain even a token comment from a Cascade director.
From 4/24-6/2, not a single share of CSDT traded. Then 6/3-6, a cumulative 1,283,135 shares traded. I'd guess that someone will want to look at those trades.
Not exactly what was advertised, was it?
I truly hope he files something because if he does, I expect it to be completely outrageous, something that redefines chutzpah.
My goodness, there must be 100 or more filings already today. But no FRTD.
Are you paying any attention to this conversation whatsoever? I am NOT saying that it won't tank tomorrow. I'm saying that if -- IF -- enough people believe there is a bonafide deal, that the tanking could be mitigated for a short time tomorrow. Period. That is all that I am saying. Jesus.
I think that a small number of shares might. That is all I have been saying.
Do you believe that even a single share of FRTD stock will trade tomorrow above .02?
"Not on greys." Precisely on greys. If I have shares I will throw out there to sell at .05 and someone is stupid enough to want to pay that for them, they are going to sell for .05.
Okay, but that is immaterial to my point. My point is that it is possible that for a brief period, it might not matter if they got anything done or even if they even tried to get anything done. If a sufficient number of people BELIEVE something got done, the expected immediate price plummet might be mitigated.
Personally, I do not expect any announced deal to be sufficiently credible to pull that off. I am only saying it is a possibility.
What's your point? I'm merely offering an opinion on how things could possibly unfold. I am a spectator here, nothing more.
I'm not sure. If no one here can give you a definitive answer, I suggest you call Etrade well before the market opens and ask. Talk to a supervisor if you can, not some flunky.
I think there could be a period tomorrow, albeit a brief one, in which reality won't be all that important. What people believe (and pretend to believe) will be paramount. We'll see.
"Who would bid higher than $0.0001 for this?" A person who actually believes there is a buyout/merger that values the stock at .12 or any significant percentage of it would. I'm not one of them, but apparently, there are a number of people who genuinely believe the company's story.