Your figures are actually being generous. I contacted PacWest on 10/21/09 and the O/S was still at 484 million where it had been for some time. I contact them to see if any dilution had occurred after they released the PR about the debt reduction on 10/12/09. You would think they would have sold into the sudden volume of over 67 million and the PPS spiking up to .0017 that day. But apparently they didn't see it fit to take advantage of that opportunity and waited several days for it to settle down to fire up the printing press. Look at the historical closes, and specifically the day of 10/26/09, 3 trading days later from when I got the 484 million number. See that sudden influx of volume? This is the day they opened up the flood gates. We were trading in the .001-.0012 range at that time. My estimation would be that they got the majority of that done that day in the .0009-.0011 range, so they didn't even get that much money out of it. At that time we were trading in the .001-.0011 range much like we are in the .0006-.0007 range right now, where most of the buying is taking place at the ask with an occasional small order filling down to the bid. I think the only thing that saved us that day was that a lot of people had buy orders in at the .0009-.001 range that triggered before they could realize what had happened. They weren't expecting them to go through so fast. We might have recovered nice from that day if they didn't resume the next day and finish putting more on the market, dragging us down to where we are now. I contacted PacWest at the end of that day on 10/27/09 and the O/S number they gave me was the same you got. So we know exactly when the dilution took place and at what price. The only upside I'm seeing here is that they haven't been diluting anymore since then, since you got the same number today that I got on the 27th. Looks like it isn't the company at .0007, but just individuals selling. I have to wonder how they have so many damn shares at this point.
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