FAT CATS

[CSykes]

The CBAY deal is pretty simple.

I would imagine Pawson decided he wanted out. His first step was to go pink to hide the Preferred Conversion. Then he converted his preferred into common which is what caused the major PPS decline. At this point Pawson has cashed out and left. Now you have this new person who has come in. Problem is the majority of the Company is now owned by retail due to Pawson cashing out. The new CEO must buy back the common shares pawson converted in order to regain voting control. Once he has done that I would imagine they will R/S. Just an opinion, but thats my take on it. Remeber Pawson had some seriosuly dillutitive Preferred shares. I don't think he left the Company without excising those options.