Well said Glenn. Like you, I'm still dismayed that Orie would wipe out the existing shareholder base because he was both too cheap and lazy to pursue these shareholders with less than one hundred shares.
Offering $5 might have worked a hundred years ago. But what Orie is telling us is that saving the shareholders from this debacle was only worth $270 (54 X $5). The next step in my mind would have been to recognize that the offer was too low and then raise the ante to $25 and re-contact the shareholders with the increased offer. If that failed to entice 54 people, then he should have contacted some people by phone and asked what he needed to do to get them to sell their shares. Then raise the ante accordingly. For Orie to infer that he made a good-faith effort to avoid the reverse split, when his top offer was $5, is stunningly insulting. Give any motivated individual who can communicate effectively the list and a several thousand dollar budget, and this would get accomplished. It undoubtedly still could. Normally, there is a dire financial need to do a reverse split. This seems to be an entirely self-inflicted wound.
An announced reverse split waiting for FINRA approval is one of the terrible places to be in a pink sheet investment. It's a steady environment of pessimism and lack of buying interest in the stock, and the sad thing is we're only two days into this potentially long waiting period. Another thing to consider is that after the split, with only 210 million shares available, the stock will be highly illiquid with extremely wide bid/ask prices. Not easy to enter or exit.
But if we do get to the .0001s and a $210,000 market cap, then I intend to bid away. The coming crop of new investors with a little patience are the ones who will benefit.
