Patient Access Solutions Inc (PASO)

[reader3]

I don't see an RS happening. If they were going to do a RS, they would have just done it, wiped out the existing shareholders, and not bothered raising the authorized. They raised the authorized so they could pay for the RM without destroying existing shareholder value.

The reason to offer the preferred share conversion to all shareholders as part of a tender offer is to allow those who want, as well as the insiders, to convert to preferreds, thereby lowering the OS and possibly the float. By lowering the OS, they can effectively increase the value of the remaining outstanding shares.

I wouldn't be surprised to see the OS drop by 50 or even 100 Million+ in the next few months.