wee, when you posted this:
Insider Ownership:
ESL Partners, L.P.
156,380,740 (1)(2) 73.4 % (3)
JPP II, LLC
65,015,615 (4)(5) 37.3 % (6)
did you think about what it is saying?
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that indicates they "own" 221,396,355 shares! does that bother you when numerous board posters, as well as the recent filing, say there are 109+ million shares outstanding?
how can they own more than 100% if the shares?
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suggestions the stock is worth $40+/share based on 109+ million outstanding seems to be flawed.
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reading the recent filing indicates esl and jjp have warrants to purchase common stock within some 60 day period which hasn't been exercised yet. while i haven't seen the warrant agreement, my guess is those warrants are to be exercised at a set price, NOT current market price. while esl and jjp do have the warrants, if those warrants are to be exercised at a predetermined price (say at a price at the time the warrants were given) it is highly likely they are way way way out of the money.
however, if they are able to be exercised at current market prices, and they do in fact exercise those warrants, then there will be more than 220 million shares outstanding, NOT 109+ million
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now, assume that esl prevails in its bid, the old shares are cancelled and new shares are authorized, old shares are exchanged for new shares, and there is an ipo to raise money by selling additional new shares, all of a sudden there is significant dilution to existing shareholders.
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do i care? NO. please cancel my shares, issue me new shares, float an ipo, dilute me and let the new shares trade in the $10-12 range and i will still be ecstatic.
