marich...Frank Jacobs, Loev warrants......
"Frank Jacobson agreed to have his shares locked up and I presume that they were reversed. If there is significant dilution due to conversion of this note, wouldn't that disadvantage his position (as well as ours) dramatically. If so, why would he have agreed to terms which allow it to happen?"
It is possible that Jacobs is privy to information that is not currently available to retail investors, and he is comfortable/confident in holding his position through any corporate actions the new management team pursues.
"What's your take on relevance of the strike price of the warrants stipulated as compensation for the attorney. A $10.00 strike price would seem to indicate an expectation that the pps would be at that level at some point."
I wouldn't place any relevance on the strike price of those particular warrants, because I'm pretty certain those warrants David Loev owns were issued back in 2006. This is the description of the warrants in the 2009 10-K.....
Our legal counsel, David M. Loev currently holds warrants to purchase 2,000 shares of our common stock at an exercise price of $10 per share, which warrants expire if unexercised on May 20, 2011, and contain a cashless exercise provision.
That description matches perfectly a description that can be found on page 30 of the 2008 10-K (remember to adjust the numbers to reflect the 1:100 reverse split)......
One person currently holds warrants to purchase 200,000 shares of our common stock at an exercise price of $0.10 per share, which warrants expire if unexercised on May 20, 2011, with a cashless exercise provision.
