2 BILLION SHARES- you've gotta be freaking kidding? If this isn't pure desperation, then what is IMO?
The insiders (Northstar has stacked the preferred shares so they have total voting power, as far as I'm aware, so the common holder's vote or "proxy" makes no difference IMO- which I believe at a glance, this filing essentially says so anyway)- will read it again more carefully later when get the time.
But they must be in worse, desperation straights than even imagined IMO. What in the heck are they going to need 2 BILLION shares for? That Seaside loan need to be "re-guaranteed" or whatever? Something like that, IMO must be up? As in they're about to blow through the 500 million shares left now- from 420 million to get to 950 million, and know they will need more already, and soon, apparently? To go from 950 million to 2 BILLION? Holy WOW.
If not desperate or in trouble or something financially, else, why even do this? Makes ZERO sense IMO, other than something must be desperate and they are going to do even more, massive, massive diluting.
That's my 2 cent opinion on it and mine only. Do your own due diligence. No way IMO this can be a sign, even remotely of anything "good". They're pouring out, dumping shares like freaking water on a 3 penny stock? Smells of pure, desperation survival mode IMO. They must need to give someone/some people boat loads, as in 100's of millions of shares- since they are only at 420 million as of last 10-K, Dec 31st, 2013 and have 950 million or so authorized- but now want to take it to 2 FREAKING BA BILLION shares?
Oh, notice upon re-reading it- it's now 463 MILLION shares. So just from the time of the 10-K release, a few weeks back, they went from 420 MILLION, to now 463 MILLION already. More dumping for "financing" I guess? Or, "convertibles" (the toxic floorless) being converted- which would explain the massive price drop this week IMO. WOW !
Wow, is all I can say. Amazing wow. My opinion- the ship is taking on water and SINKING. That's how I see it with that latest "news". Desperation IMO.
Again- my opinion, make of it whatever you want. Not a recommendation or anything to buy, sell, hold, or about what anyone else should think about the company or the stock, just my own musings and opinions and my "take" on what I think- and I'm nothing but a total amateur, just an opinion out there. Just my lousy 2 cent opinion only.
