138,000,000 O/S. Someone on RB checked on the O/S last night and it is now 138,000,000. This confirms my belief that virtually no one is switching their shares to subsidiaries except Phil. IMHO Phil is trying to push everyone with convertibles to either exchange for subsidiaries or for NMKT common shares now. This could be related to the AMEX application. Getting rid of the convertibles might have been one of the AMEX requirements for listing. We don't know for sure because Phil will tell us nothing about the AMEX application process. This convertible conversion is a two edged sword. The bad news is that the conversions are being made at low prices and therefore many more shares are being issued than originally hoped for. The good news is that if this conversion process ever comes to an end the selling pressure will stop and the stock will skyrocket. IMHO the stock would be $1 right now if we had not converted 33,000,000 shares since January. These 33,000,000 new shares kept a lid on the rally and offset the great financial report. Another good thing about the conversions is that since most people did not take shares in subdisiaries it will not dilute the subsidiaries as much. The more subsidiary shares that are issued to convertible holders means fewer shares are available to be paid to NMKT holders as dividends. The real news I am waiting for on May 15 is not a reduction in the fully diluted, but an announcement that all convertible conversions have been completed. Once that occurs there will be no more constant selling pressure on the stock. It is amazing that the stock has gone from .27 to .48 in recent weeks despite the addition of about 21,000,000 new shares into the market. Imagine what could happen if this dilution finally comes to an end?
