Redwood Group International (RDWD)

[DERBENSKI]

Oilman

Let me recap it for you.

I think the general idea was that S3 sucks, has sucked and will continue to suck. I don't think anyone thinks that there has been any change and the price keeps dropping.

While management said it intends to convert the preferred shares, "intend" is a word in a category like "try", an excuse for failure. They could have just as easily made it an affirmative "will" or "shall" convert but instead they chose to be wishy washy about it. Not my failure in the choice of words, but management's.

Don't get mad and call me a basher now, I am just giving you the lowdown on my take of the posts today.

The continually dropping share price since the RS is indicative of further dilution. Further dilution would have made a preferred conversion foolish. Thus the picture that is developing is that no conversion took place unless management has made an affirmative statement that it is so.

Do you have a different view?

Derb