Seaniemac International Ltd (fka BETS)

[eelfland]

It's 12%. And the Cornell CD's were even worse. I think they had essentially no floor, or .001. Something like that. Also, it's better for the COPI insiders to have control of the company than it was for Cornell to have them by the balls. Like I said, the current deal is bad for the common shareholders, but the Cornell deal was pure death. Way worse. Just look at the chart. Getting rid of Cornell was good for everybody, but mostly good for the folks who got blessed with those preferred shares--whoever they are. Insiders. At least with Cornell we knew who and what we were dealing with.

I agree with you that it's the insiders' job to get retail share-buyers' money. It's how they make a living, since the company doesn't make any money. It's the way penny stocks work. But still, this one's better than most.