Too early to tell. Depends on what kind of company merges in, whether toomey and sparling intend to stay around after, how much debt the new company has coming in... who the new execs are. Whether the merger even goes through, we haven't even gotten a LOI yet.
One thing I know for sure, no one just sinks a quarter of a mil of his own money into an empty shell, for free. And no company coming in is going to pay toomey a quarter mil in cash for his shell plus interest, on top of the quarter mil it takes just to merge into it. Toomey has to have a plan to get paid back. He was chairman of 20 banks prior to 2008 so he's not stupid. He's holding 85M shares of the 120M in circulation. I think that means something if he's successful.
