So the O/S appears to be 483,000,000,000 as per OTCBB.com and pinksheets.com and was confirmed in an email from a Nasdaq rep....
Before I start, I would just like everyone to know that I am still long CMKX, and probably will never sell (to sell for .0003 would be idiotic) BUT...
This news is extremely dissapointing and troublesome...the only way I would concede that this isn't horrible is if the tradable float is extremely low and the majority of those 483 Billion are restricted or held as treasury stock to prevent a hostile. But I'm beginning to get the feeling that alot of those shares are in the publics hands and there has been massive dilution.
I was going to express my disappointment with management about this but I feel its better to what for a PR explaining the share structure... I would be remiss If I were to rant and rave about the dishonesty and duplicity behind all this and then have it turn out that 242 Billion of those shares are in the treasury, 75 Billion are held restricted by Nevada Minerals, and 100 billion are held by insiders.
As it stands we need to make a few things clear:
1. Melvin, the company's IR man, publicly LIED to us all and should be fired immediately
2. Shareholders have been in the dark for too long... and the reason seems to be quite obvious now
3. There most likely is no Naked Short position
4. JEFF is either dumping shares for Urban, another 'promoter', or the company itself
5. So far, Janice and the like have been quite accurate, and deserve credit for the information and research they have provided. You may not like them personally, but I'm glad they're here.
6. Roger Glenn did infact take on a company with an O/S of 483 Billion.
So, where does this leave us? It leaves us waiting for a PR that explains the share structure. Once that arrives we will be able to see just what Urban has done here. Until that point I will restrain myself from fruther critique so as not to embarass myself if this share structure turns out to be not as bad.
But for now I'm a little pissed, and you should be too...
