VirTra Inc (VTSI)

[Ellington]

independent of whether the opposition is paranoid or rabid and independent of whether the consequence of accepting the proxy at Virtra is to dilute value or to accrete value, the absolute value of a stock is not meaningful; the percentage gain or loss is.

if you have $1000 worth of a .07 stock, and the company dilutes so that each share is worth .007, you still do not have a license to kill, but you're down $900 as surely as if you held a $7 dollar stock that went down to 70 cents.

further, a company-changing deal at 50 million shares becomes a nice supplement at 500 million, so bankruptcy is not the only issue, nor is "believing in the technology." you might believe in the technology of General Electric, but you might not want to be limited to small gains.

i'm going to try to lurk now, too, except to say that i can't imagine voting "yes" if Kelly says that he's voting "no." if the ever-optimistic CEO says that the idea sucks, the idea sucks. the firm would do well to treat Kelly as a representative of at least a subset of shareholders.

The objection that Kelly might have an axe to grind is noted. my belief is that he would keep his emotions in check, if that were an issue; but anyway, lawyers don't have emotions.