Thursday, July 26, 2007 11:58:47 PM
Original 675 million shares of USSE on Dec.1 was .38 pps. Post split in May, there were 1.5 million shares at app. .07 PPS. No net change in a stockholders percentage ownership in USSE, but value in hand was less. On top of that, 2 billion shares for SSTP appeared out of no where in the hands of god knows who.
Fortunately JR was looking out for us and kept 600 million shares for USSE(1/3) and gave away at least half of USSE. Since SSTP didn't bring anything to the table for compensation, why did they keep 2/3 of the stock? 10% might have been more like it. For all SSTP has done, it could have been setp up as a privately held company by USSE.
How much of SSTP does JR personally own, who knows, but I am sure he has his share. How did he get those shares, and we didn't. I am sure he paid himself a stock bonus for the stellar job he is doing. I am also sure management is paying themselves well since this is a multibillion dollar company.
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