Well, I have no idea what is going on....and to compound that....I made a huge purchase of shares this past Wednesday....to try and finally get my cost basis down to where I thought I might be able to get my head above water at some point. My jaw is on the floor with today's news, because I have absolutely no idea what the motive is behind the decision by the company. I know they mentioned several "reasons" in the pr today......but I need more information to make an intelligent decision about where to go from here.
I checked with both Scottrade and TDAmeritrade today.....and it takes 4 to 6 weeks to have a stock certificate issued and mailed to you via Scottrade, and 4 to 8 weeks from TDAmeritrade. It is entirely possible that if I gave the go ahead on both brokers right this minute....to send my certificates to me, that neither of my certificates may get to me by the Nov. 21st deadline mentioned in today's PR. I don't see how that date is going to be fair for folks, if they choose to trade in their common shares for preferred shares. The company has barely given us enough time to get physical share certificates in our hands....and with all the market gyrations lately....the transfer agents may have a backlog themselves. Big problem here in my opinion.
I have no idea what I am going to do at this point, because I don't have enough information to make a decision. I don't think the info in today's PR was thorough enough for anyone to make an important decision like this. This is a big decision for a lot of folks, and you sure don't want to make a "coin toss" decision about what to do. We need more information, and not enough information was given in order to make an intelligent decison in my opinion. I generally consider myself a pretty sharp cookie, but I am baffled by today's news release and have no idea what to do.
Again, I don't feel like I have enough information here.....but I do feel like I am being forced to jump through more hoops to try and save myself with my investment in this company. That may not be a valid statement without all the facts currently, but it is how I feel inside right now.
Vancouver Island, British Columbia, Canada August 2006
