T M M Inc (TMMI)

[smittysstocks]

The annual report did finally come out late yesterday. Very interesting. Outstanding shares pretty much doubled as of last December when the debt holders converted to stock. And new preferred stock guaranteed their control of any assets should they decide to close the place up.

Over 80 million warrants and options cancelled, that has to hurt for some. Quite the purge going on. But with the hundreds of millions of new shares given out the stock is maxed out if fully diluted unless they increase the authorized to the billions of shares category.

Meanwhile, the court case drags on past the 5 year mark apparently still in the appeals court. Checked on it yesterday on the appeals site, looks like TMM asked for a delay in filing a brief response a couple weeks ago but no sign the court approved it yet. And unlike some of the erroneous reports posted here I found out TMM has still not paid that $54k debt the judge told them to pay long ago. Now the question is whether the court will add another $800k on top of that overdue bill.