All I keep hearing is that they truly gagged the T/A for 1 of 2 reasons:
A) to sell shares into the open market to raise capital
B) to stave off a potential buy out on the open market by someone hungry for the pit and related assets
All the BS about gagging it to help with Naked Shorting was just posturing. My personal bet is on B, though the chart after they cancelled the second buy back sure looks like A.
Either way, the clock is ticking for them to come clean whether they want to or not. There are bigger fish who want what they were promised in the 2003-2005 private placements. They want answers and can lean on management more than any of us.
I also think now that when they made the 815M projection for O/S they expected a lot more folks to take the Preferred conversion offer on the table. Apparently common sense was lacking on that on their part as most investors will not sacrifice liquidity when there is so much lack of transparency on a company. For those of you who took the conversion, good for you. It just helps everyone here.
Just my thoughts.
Ren
"Experience: that most brutal of teachers. But you learn, my God do you learn." C.S. Lewis
www.younglife.org
