Optex Systems Holdings Inc. (OPXS)

[littlefish]

Ya I was wrong on Arland selling their equity back to Alpha I think.

It seemed like a logical conclusion at the time not looking real hard (Arland selling back to Alpha) because Arland was dropped from filings.

But then I realized that Arland wasn't a 5% holder after the dilution from the preferreds so they probably shouldn't have even been listed in the 2011 10K.

Look at pg 72 of year 2010 10K. It shows Alpha and Longview as the preferred holders (have to read note 4 to see Alpha's position) and Arland stuck in the less secure common equity. Then look at fully diluted of around 140 milliom, Arland was still qualifying as a 5% holder back then.

As we know, share count went thru the roof if U include the preferreds from the 2010 10K to the 2011 10K (going from about 140 mill to 700 mill thanx to preferred terms) so Arland was not even a 5% holder as of 2011 10K and could have been dropped in that filing IMO instead of waiting for 2012.

They were a year slow in dropping them looks like. Arland was less than a 5% holder in 2011 thanks to the dilutive terms from the preferreds. Guess you and Arland have something in common, you both got diluted although Arland got it worse looked like if they stuck around with their common.

Now we have all those preferreds gone and only have the cleaner looking series C that are mostly converted away. So we know what the hard count of fully diluted OS will be once all preferreds are exercised (roughly 9 mill OS).

Thanx for getting that clarified. Looks like Arland was dropped because of the rise in share count from the preferreds between 2010 and 2011ish timeframe (going from 140+ mill to 700 mill roughly).

All IMO only.