It's interesting you point to "newbies" unaware of the "scam" going on here and that management is the same as always and are continually gifting them selves free shares.
You made the discussion point a few posts back or so, that even if the stock went to .01, they could still cash out profitably. Has always been that way and always will be you claim.
Well that was certainly a valid statement for a long time with every management team I recall, except this one. So I thought I'd help the "newbies understand a few points of interest to see how well this management "scam" team would do if they could dump it all at .01.
I'll only use the Chairman of Boiard WSGI as an example for simplicity sake, and won't even mention the filings that refer to shares in lieu of salary earned by the minions (at the conversion price of .075, I might point out.) And please don't tell me they can afford it, because they have deep personal pockets.
All from the publicly available SEC filings linked to from this page, Michael Clark has invested in this company to fund its survival at various points since his hire in June 2010.
Sept. 2010...$250K at .075 for 3.333 m shares for SEC
Nov. 2010... $100K at .075 for 1.333 m shares funding
April 2011...$25K at .075 for .333 m shares for funding
May 2011... $200K at .075 for 2.667 m shares for funding
Nov. 2011...$100K at .075 for 1.333 m shares for funding
Feb. 2012...$500k collateral of house for La Jolla funding
That's roughly $1.2 mm dollars at personal risk or about 9 mm shares.
He also as a result of those fundings is entitled to exercise options and warrants to buy additional shares at price strikes of .075, .09, and .21.
He has received a certain 5 million shares at hire in exchange for services as acting chairman of the board and another 5 million recently (I speculate for sealing the La Jolla funding) "free".
If he is able to sell the entire holdings of 19,000,000 at .01 then he gets $190,000 back.
His net loss would be about $1 mm.
This net loss would also apply to lesser degrees to each person in management.
There isn't a chance in the world we would be having this discussion about prior managements.
So go on and tell the "newbies" how all this is certain to you to doom and failure because it's the samo-samo.
Bunk
m
Before dawn there is darkness. Then the sun rises on a new day.
