I think the new O/S is about 908K, but I think your guess at the "float" would be high. I believe about 350K-400K is the number.
The last report I saw which listed large shareholders contained about 12 names and they owned about 60-65% of the Shares (including Joe, of course!) Their average cost is way, way above the current trading range. In fact, the lowest cost would be about $15 on todays stock, most of the ownership is at much higher levels even than that.
The question is, what are they looking for out of this puppy? Any deal Joe puts together is going to need support from most of those holders. I have no idea how he is going to do it, but he must have a plan. He just sank another $500,000 into the company, which has now been turned into a convertible note.
It's going to be interesting to watch....
