Tuesday, February 01, 2011 5:42:52 PM
As of Sept. 30, 2010 about $979,000 of convertible notes were still outstanding representing a future supply of about 65M shares. We don't know how much of this overhang remains; there have been two periods of heavy selling since Sept. and this last one around the IPO was spectacular.
Maybe only 25 million shares worth of convertible notes remain to be dumped onto the market. We'll never easily find out BECAUSE BSGC IS NO LONGER A REPORTING COMPANY. It is a pink sheet stock now. Your big three officers gave themselves a huge number of shares in People String, the spun off company. They together own almost as many shares in PLPE as Big String itself does. [7.5M vs 10M shares]. All their efforts will go to protecting their cash cow, which is PLPE. They don't care about BSGC any more as evidenced by letting it get delisted from the OTC board. Congratulations on making themselves sure fire millionaires on the backs of BSGC shareholders though...
Unless PLPE can stay up at 80 cents or more BSGC won't get that much value out of their 10M share stake. The outstanding share count should be over 120,000,000 by now; soon it will be diluted much more by the convertibiles.
Short sellers are always waiting on the sidelines to join in the fun whenever there is a pop because they know the convertible note holders will be converting and selling. That's their insurance policy. As a Long, what is your insurance policy? Nothing.
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