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Thursday, April 02, 2009 9:12:48 AM
No, from the 14C:
Total - Debentures 129,897,816,931 that's 130 billion
Total Potential Conversion 1,250,329,635,287
that's 1.25 trillion shares
Of course after the RS it will be only 130 million and 1.25 billion respectively (at a sp of .10). However as the sp will quickly sink toward .0001 again the potential conversions will rapidly rise again to the original numbers.
If TS can pump this one more time like he did in 2007 and he finds gullable investors that are willing to buy another $13 million worth of shares (assuming TS and company are not selling theirs), the company could be debt free. Of course TS still need to find another $5 million over on the Hacketts pink sheet to get his inventory back for the Hacketts stores to operate. Of course if that happens, then Seaways equity in Hacketts will be negligible and all the new shareholders of Seaway will just own Swartz's legacy items, a brewery, bakery, and a farm with hay rides, I believe.
I'm not saying this will ever happen, just painting the best case scenario here LOL.
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