Plenty of sellers left. Easy money flipping shares acquired with warrants priced at $.015.
All the convertible debt BSGC had issued to stay afloat and develop People String is probably still hitting the market. These instruments convert at $.015 and there was a shitload of them. Divide $.015 into the @$700,000 they got for corporate purposes last time they issued convertible warrants. How many shares do you get? I got 46,666,000 shares. That is a big overhang of shares that are quite profitable for Whalen Capital and the other lenders of last resort involved, even in the 2 - 2.5 cent range.
The thing to note is that they dumped these shares, crushing the rally at 6 cents and smacking the stock price back down to 2 cents. They obviously don't have any great faith in BSGC or PLPE for that matter. They are not hoping for higher prices like some posters here.
There are naked short sellers to contend with, adding to the bad karma. BSGC is clearly on the Nasdaq threshold list of stocks which is not a good thing. Google it and see for yourself.
Also, BSGC is no longer a reporting company. It was removed from the OTC for failure to comply with SEC reporting requirements. Management doesn't seem to care. In the process of creating People String, 3 BSGC officers awarded themselves 2,500,000 shares each of PLPE and also have 1.2 million stock options they gave themselves convertible at $.20 at different times throughout 2011, can you say... pretty sweet deal? But that's not a BSGC issue; maybe for PLPE though.
Management seems to be focusing on PLPE not BSGC. PLPE currently a reporting company vs. BSGC, not worth the effort, time and money to keep up with the SEC reporting requirements = bad sign for investors and convertible debenture holders alike. If I'd known they were going to be dumped onto the pinkies on Jan. 28 right affter the PLPE IPO I would have been selling my shares at 6 cents, 5 cents etc. on IPO day. Nice timing BSGC "stewards"!
Maybe that's why the selling continues. I suppose. Do your own DD. Find out what you can in the present from existing SEC filings because going forward as a pink sheet stock means there won't be much if any financial info available anywhere any more.
Good luck trading this discarded old rubber of a stock.
AI
