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Thursday, November 18, 2010 4:27:55 PM
Yes, in June there was an R/S. Shares were combined for fewer shares and higher PPS, resulting in a net change in market value of 0. In October had the PPS been adjusted automatically by the company, then yes, it would have been a R/S for sure. Also the company has stated that the restructuring was occurring as a buyback, and that term has a specific meaning in the financial world. Buyback and Reverse Split are not interchangable in terms or in definitions.
A buyback all at once of a tender offer does not raise the PPS, but it allows the market easier movement of the PPS. The PPS was expected to move on Oct. 19 with the same ease that it is moving today. But on the contrary, the company had made a fraudulant statement of the share structure which had people buying on what they trusted from a legitimate news posting. So to say that a buyback has occurred and certain sharies no longer exist and then state in a couple weeks that they were just kidding and will do a R/S is pure fraud.
IMO
Best to all. (End of my participation in the R/S-buyback clarifications)
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