Airborne Wireless Network (ABWN)

[fitzwell11]

I’m reading that section of the filing simply to say that for the first 15 days following the effective certificate of designations the conversion price would be $.25, which, as you point out, the price was below $.25 that whole time, thus we saw no conversions and no volume spikes.

Once the 15 calendar days ended at the close of trading 6/13, the 82.5% of VWAP provision kicked in, which is why we have 7 straight days of relentless selling.

Even more interesting watching the first hour of trading every day, we’ve seen massive sell offs every single day at opening bell. This actually makes a lot of sense because the VWAP is calculated at close of the previous day so they get their shares at an 82.5% of the lowest VWAP but you quickly lose that premium if the stock sells off with you holding, so the preferred holders are dumping the daylights out of the stock, then it levels off for the day as the premium is essentially gone, and rinse and repeat.