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Friday, July 17, 2009 11:27:03 AM
More likely, the authorized would be increased to maybe 500 million, and the RM company would get 90% of the shell, leaving existing stockholders with about 10%. That would still be a great deal for something that was basically valueless a couple of days ago (except for the value of a Pink Sheets shell, which is probably a couple hundred thousand bucks max).
However, it's not at all clear to me that Shareholder Advocates will be able to round up a majority of the outstanding shares in order to take control of the shell. and if you Google David Keaveney, the guy behind SA, you find a trail of subpenny and defunct companies.
Buyer beware.
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