Friday, November 06, 2009 11:49:17 AM
The director's decided to go the other route which was the O/G deal. Why sell your shares @ .01 when these O/G guys will give you .20 for them. The old mgmt. did what was best for the company & the shareholder's. None of us would be posting here now unless they didn't. They gave up a lot. Everyone is gone except for Studdard, and a lot of shares were given up. That was the deal & it was a take it or leave it deal, a demandmant if you will with hardly a whole lot of negotiation.
My hat is off to the old mgmt. team that sealed this deal. Especially, Scott, Reggie & Pernia...almost 70M shares a piece & then reduced to 1/15th, that had to sting. I know that the company was severely mismanaged & there were a lot of insider sales but in the end they did what was best for all the shareholders & the company.
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