Mark, the company has issued some 20M shares over a 9-month period. The reason for this is the cattle business. SJAP was stuck with a liability after the cattle prices came down and they settled it with the farmers. It isn't evident from the filings, but that's what happened.
Dilution isn't the problem. Many companies issue stock. It is the fact that all of these shares are sold into the market, aka dumpage, that causes the share price to go down so much. The market simply cannot absorb that many shares. ECAB recognized this problem in 2014, that's why they prohibited the company from issuing stock to vendors etc (who sell the stock by design). It has taken Solomon years to even recognize this problem. Well, he should know by now.
This came after the sheer panic management created with the (top-up) collateral shares. And, the failure to execute and deliver on promises.
There is an easy explanation for everything that happened here over the past 3 years. You don't have to resort to claims that the company is a fraud, which is based on nothing.
For the record, I blame the shareholders as much as I blame management. If the shareholders can't get it right, then how is Solomon supposed to?
