This reminds me somewhat of a real estate transaction that proceeds fitfully as unknown heirs of a decedent's property "keep popping up."
Fully concur here ninja. A large % of the shares sold lately could be from DR's heirs. The impatient retail investor that lowman refers to has long been shaken out imo. There's been far too many 100's of 1000's, if not millions of shares sold in the past 2 years for the current PPS to be the work of MM's, shorts or impatient retail/message board shareholders. Bigger fish have been dumping bigger blocks.
When will it end? Who can say? CTGI is a pinkie. You can chat up the 100 million A/S for the past 10 years, but that was the work of DR and he should be acknowledged (or cursed) for it, depending on your POV. But you (general) can't have it both ways: to trumpet the low A/S and then lift your leg on DR's grave is nothing short of rank hypocrisy.
The new regime hasn't proved as frugal for justifiable reasons. They also haven't been as transparent and therein lies the rub: Bruce buys 5K worth of shares and we hear all about it. They sneakily sell 25 million shares and it has to be ferreted out by calling the T/A.
To my mind, Bruce is the only one with career/financial aspirations in what's left of CTGI. And the new regime slated to take over LTC wants little or nothing to do with Bruce or the current CTGI outfit. They want the technology, they want the tax break. That's what they care about and who can blame them for not giving a second thought to current CTGI shareholders? As Abe Vigoda said in the Godfather, "it's just business".
Dr Kurtz is at the end of a long and illustrious career, with little time or desire for cleaning up this mess. His silence since taking on the CEO job speaks volumes. Perhaps at the time the BOD thought that giving the job to an established medical professional lent the company much needed professional credibility after Frank D and Richard A vanished from sight.
Whatever the case, the same stars that aligned to take the PPS to 2.39 a share (a hot market, tons of available $$, a pimp-pump newsletter, the hype around impending FDA approval) will not be around to resurrect the remnants of this company after LTC is gutted to its former glory.
