I am less confident in the dilution being bought back, though I would assume some might have been by insiders. I think I do know one person involved early that did buy a bunch. (there is one small hint that you might be correct though ill mention below)
But, it does look like this path might have happpened...
1- WSTI was running out of money and could have been forced into bankruptcy
2-Indiana gave them more time on the North Vernon note with nothing to really get from the company.
3- I believe it possible the convertible notes were swapped for the convertible preferreds which were then cancelled and reissued with the new conversion privilege at .0061 and a cut of any financing that takes them out of the mess.
Now , while I do not know anything about buybacks though we have been speculating for a while.
There is one tidbit of info that leaves me curious which was the talk of a 6 million dollar valuation I saw somewhere along the way. Ill see where I can dig that up.
But if you work out .0061 x 1 billion shares that is 6.1 million.
I mean it is longshot but that could mean there would be 1 billion shares not 3.5 billion.
Confidence level on a 1-10 scale of buyback would be about a 2 for me
Confidence level on conversions being frozen out or redone to new type of stock Id give a 4 or 5..
But this would certainly be a shocker if either or both of those things happened
Everything I post is my own opinion and people should always do their own research and due diligence on any company they are looking at
AI
