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Thursday, May 17, 2007 12:02:13 PM
While the lawsuit is likely to settle a defaulted convertible the question remains as to whether it was a planned default in order to obtain free trading shares.
The reason I bring this up is that Unico held off on performing a reverse split for a full six months and "ran of of shares" to allow conversion. This while the BOD was authorized to RS at any time. So was it planned or not?
Understand that free trading shares are more valuable than a 502 registration of restricted shares. The next question is how much defaulted debt is stacked up? Could be a pile.
Let me put it another way. Would you want to hold restricted shares? What if you could flip discounted shares and reinvest it in more discounted shares and flip those too?
I am not saying this is what happened in this case. Failure to see any filings make it impossible to get a clue as to what is going on.
Since nobody else seems to file 8k's on this stuff until after the fact any info coming from the company will likely be dated.
Derb
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