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Sunday, March 21, 2010 2:17:31 PM
Flessner: 6,527,567 shares x 0.01 = $65,275.67
Rowell: 1,693,649 sharex x 0.01 = $16,936.49
Weeks: 601,125 shares x 0.01 = $6,011.25
Gardner: 175,003 shares x 0.01 = $1,750.03
If they were offered those buyout numbers, that would be a tough sell since they probably make a lot more than that in salary and are sitting on patents and plant worth tens of millions.
In this case, dilution that allows them to convert their preferred shares to outstanding and then add on another 500 million to 1 billion per person would give them buyouts much much higher. Plus, the current buyer can sweep up all the new shares at a bargain price.
In reality, the buyer is probably only going to be paying the full $0.01 for about 5 billion or so shares. That's $50 million, plus, another $18 million at the most for the the other 9 billion shares if using an average purchase price of 0.002. And that's if they bought them all recently after the spike in value. Since the dilution has been steady since February, they are probably no where near 0.002 average.
At a high-end scenario, we're looking at a buyout of $68 million. That's the price tag for the patented rights to a metal matrix composite that shields nuclear radiation, and a zero emissions production process. Doesn't that sound a little more reasonable?
Bet on the jockey, not the horse.
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