now this can get interesting, law suit filed against Thresher regarding the purchasing of Talon Composites in 12-06... here's what I find fascinating.. the purchase was finalized in Dec 2006 as the suit states for $7.5m (stock).. the stock value at that time was in the range of $1.00 (.65-1.30) so that would have been the formula used in determining share value... yet the share value was considerably higher months prior to the acquisition.. the fact that the share priced dumped AFTER the purchase is not due to Threshers actions but the market...the purchase was for $7.5 million worth of THRI stock at likely $1.00 per share or more.. the suit claims the stock value was propped up prior to deal closing, but according to the historical charts that share price was at it's lowest level when the deal was consummated... I would think that would bode well for Thresher... look at historical prices posted below!
RAC is furious at the lack of stock value, what could THRI have done to have prevented that... NOTHING if their stock was manipulated by the market.... hmmmmmm, very interesting, at least we know that Talon had/has a value of $7.5m!
this confirms the worth of Thresher (Talon), it will be interesting to see Threshers response/counter.. if they claim and can prove the stock price manipulation was NOT created by them, that they only tried to bolster the price AFTER the aquisistion then THRI at this level will end up being the best sub penny play ever...
Thursday , October 18, 2007 16:50ET
FOUNTAIN VALLEY, Calif., Oct 18, 2007 (BUSINESS WIRE) -- On Oct 11, 2007 RAC Corporation and Robin A. Carden filed civil lawsuit against Thresher Industries (THRI.PK) and two members of its Board of Directors. The suit was filed in Orange County Superior Court. The lawsuit brings actions for fraud in the sale of securities, deceit, breach of contract, and related actions. Buffington Law Firm, PC is representing the plaintiffs in this action.
In December 2006 Thresher purchased Talon Composites, LCC from RAC Corporation and Talon Holdings, LLC for a total of $7,500,000, which amount was to be paid not in cash, but in shares of Thresher Common Stock shares of equivalent value. The complaint alleges that the Thresher stock exchanged for ownership in Talon was essentially valueless, and that its stock price immediately prior to the transaction was artificially propped up in a variety of ways.
12/29/06 0.65 0.74 0.60 0.74 15,500 0.09 13.85%
12/28/06 0.75 0.75 0.65 0.65 2,900 -0.10 -13.33%
12/27/06 0.77 0.77 0.75 0.75 11,292 -0.02 -2.60%
12/26/06 0.90 1.00 0.77 0.77 65,638 -0.13 -14.44%
12/22/06 1.01 1.02 0.90 0.90 57,300 – –
12/21/06 0.90 0.90 0.90 0.90 250 -0.10 -10.00%
12/20/06 1.03 1.03 1.00 1.00 4,800 0.10 11.11%
12/19/06 1.05 1.05 0.90 0.90 3,200 -0.05 -5.26%
12/18/06 1.25 1.25 0.87 0.95 108,510 -0.25 -20.83%
12/15/06 1.25 1.30 1.20 1.20 100,180 -0.05 -4.00%
12/14/06 1.45 1.45 1.25 1.25 110,307 -0.06 -4.58%
12/13/06 1.05 1.45 1.05 1.31 113,752 0.28 27.18%
12/12/06 1.00 1.05 1.00 1.03 46,649 0.03 3.00%
12/11/06 1.10 1.10 0.90 1.00 55,069 -0.25 -20.00%
12/8/06 1.10 1.30 0.80 1.25 14,500 0.25 25.00%
12/7/06 1.30 1.30 1.00 1.00 37,300 -0.25 -20.00%
12/6/06 1.40 1.40 1.25 1.25 7,843 -0.05 -3.85%
12/5/06 1.25 1.30 1.25 1.30 15,000 0.05 4.00%
12/4/06 1.30 1.40 1.15 1.25 89,500 -0.10 -7.41%
12/1/06 1.35 1.40 1.35 1.35 16,500 – –
11/30/06 1.35 1.35 1.35 1.35 4,300 – –
11/29/06 1.55 1.55 1.20 1.35 50,500 -0.20 -12.90%
11/28/06 1.60 1.60 1.55 1.55 3,500 -0.05 -3.12%
11/27/06 1.45 1.60 1.35 1.60 20,000 0.20 14.29%
11/24/06 1.38 1.40 1.35 1.40 65,440 0.05 3.70%
11/22/06 1.45 1.50 1.35 1.35 34,100 -0.10 -6.90%
11/21/06 1.50 1.50 1.40 1.45 12,900 -0.05 -3.33%
11/20/06 1.70 1.70 1.50 1.50 5,500 -0.15 -9.09%
11/17/06 1.65 1.70 1.60 1.65 23,900 0.10 6.45%
11/16/06 1.56 1.56 1.55 1.55 2,000 – –
11/15/06 1.15 1.55 1.01 1.55 76,210 0.45 40.91%
11/14/06 2.25 2.25 1.01 1.10 34,100 -1.20 -52.17%
11/13/06 2.38 2.38 2.30 2.30 10,000 -0.10 -4.17%
11/10/06 2.50 2.50 2.38 2.40 7,700 -0.10 -4.00%
11/9/06 2.40 2.50 2.40 2.50 2,935 0.28 12.61%
11/8/06 2.21 2.22 2.21 2.22 1,000 0.04 1.83%
11/7/06 2.18 2.21 2.18 2.18 3,030 – –
11/6/06 2.15 2.20 2.14 2.18 15,534 0.06 2.83%
11/3/06 2.08 2.12 2.08 2.12 14,000 0.06 2.91%
11/2/06 2.06 2.06 2.06 2.06 9,900 0.01 0.49%
11/1/06 2.06 2.06 2.04 2.05 1,790 0.01 0.49%
10/31/06 1.96 2.04 1.96 2.04 4,800 0.08 4.08%
AI
