Sorry FG & Moron, the price of the PP is a factor to me. As a stockholder, and an accredited investor, neither was I informed of the existance of a PP, or the purpose of the funds to be raised. I was not given an opportunity to evaluate the dilutive effect of any PP on my investment and to make an informed decision to sell. Learning of discounted PP's, after the fact, is not how the game is played. You're right FG, it is not shady, it's illegal. Not to mention the fact the funds raised from these PP's were apparently borrowed, at no interest, by our then CEO.
I have personal correspondence from Rich stating there were no dilutive past or future actions taken, or to be taken, by the company. That was obviously not true. To hear some were paying $0.50 for stock while I was paying $3.00 makes me irrate. To read that some of you think a 50% to 85% discount to the market price for shares to insiders is FAIR, well..... some of our aliases may be more descriptive than we think.
I asked what people on this message board were going to do about what is going on at the company. Cabos sent a letter. The rest of you are trying to justify, again, the actions of management. Some are already looking out to the next quarter. Whew.... This message board is riddled with complacency. Me, I'm going on vacation. I am going to look through the 3Q report carefully. I am also going to look through the restated reports and see if I can figure out more clearly what all these PP's were about. Like I said at the beginning of this post, it appears all funds raised were either borrowed by Rich, or used for some purpose other than what we were told they would be used for - albeit after the fact. Don't fall asleep you all, there may not be a SEVU when you wake up - or, maybe you will be lucky, maybe you will still own a piece of a company that has 600 million shares outstanding.
Happy Thanksgiving to all.
Mad as Hell
MadHat
