celtics - the reason I covered at 12 cents was because I had a physical SLMU stock certificate that I deposited with my broker and the restriction legend was not lifted. My broker was handling the removal of restriction. As is the case with all stock certificates that are deposited with a broker- you can deposit it and wait for it to clear which can take as long as 90 days. I decided to secure the profit with a short on the certificate. That transaction and the short at 12 cents guaranteed me a profit on my shares. Regardless if SLMU wenbt up to $5 a share or going as low as 0001 a share, I had a guaranteed profit.
In addition to covering at 12 cents and securing a profit, I considered the fact that MM and other insiders and promoters may do another pump and dump, and if that was the case, then who knew where the stock would've ended up. Another concern I had was the stock being HALTED. I am sure the SEC, FINRA and British columbia Securities Commission are, or will have an inquiry to all of the deals and press releases SLMU and DSTI were disclosing. If you read the press releases word for word, they were vague and misleading. That usually ends up with a HALT for an indefinate period of time. I also think NASDAQ will be looking more into everything considering that DSTI is a listed company and they really have nothing more than a shell.
As for the future:
1. SLMU - If MM leaves and the 2 funds run the company, then it may be a good investment, however, a major concern would be dilution. I am sure if the funds decide to run the company, they will have to put cash into the company and that will result in them owning a major ownership stake, the end result will be dilution.
2. If MM stays in the company and decides to try to pay back the two funds, as it was indicated he would have to do as per the judgement, then SLMU is in a lot of trouble.
This is probably the worst case scenario.
3. Orsay and/or MM can not issue a statement privately that MM will do a buyback of the stock. That is in violation of Regulation FD. They would need to file an 8K and then they can discuss or disclose. Furthermore, SLMU (the company) can not do that deal because they have a judgement against them that forbids them to do that type of a deal.
I cant imagine MM personally having the money to do that. More importantly, as an insider of the public company, he has to follow many rules (policies and procedures) to do that deal properly. Moreover, why would he want to do that deal. it does not benefit him whatsoever. SLMU is basically now owned by the 2 funds, and if they take over, MM shares will be diluted or cancelled because of the way he got his shares (ie, negotiating himself a deal that SLMU entered into for his private company, the entire DSTI deal, capital being allocated to himself, etc).
4. Based on DSTI's previous press release that they bought MM's debt, I am guessing that they issued MM DSTI shares and the deal has been done. MM can not use those shares and give them to SLMU shareholders. Furthremore, since DSTI has an S3 out there, more than 5 million shares are going to hit the market and that will drive the stock down.
I dont know if SLMU has a chance or if an investment at these or lower levels is a good investment, but I think there is something there and there is a possibility. The last Q statement with revenues shows that the potential is there, especially since revenues are now being generated.
I would like to see a press release issued by the company outlining the future of the company, specifically will MM be CEO of the company, or will the company be taken over by the 2 funds, and if so, how will they proceed.
Again, my biggest fear is that the 2 funds will put money into the company and end up owning majority and shareholders will get diluted and ownership stake will be minimal with little to no profit potential for investors.
This is an awkward scenario because if I had to guess, and all my guesses have been correct, starting with my first post on August 15 (post # 22623) I think SLMU will be halted, or the 2 funds will take over and end up with re-capitalizing the company and shareholders will be left holding the bag.
I am trying to call MM directly to get some answers, but he is not responding. No use calling Orsay group because they wont or cant answer correctly. The 2 funds have no comment, so everything is up in the air.
I have no clue what is going to happen
Other than I hope IPWG is wrong and a thermonuclearwar will not happen, as per his post # 22996, this is up in the air.
FYI: I do not have any position in SLMU as of today.
I do not have any relationship with the 2 funds.
I did at one time have 2 stock certificates in SLMU. 1 required a restricted legend removal, the other was free trading. I am out of both of those holdings.
I AM in fact making a best effort basis to obtain as much information as possible from MM to determine if SLMU has a chance.
If I had to take a guess, I think most SLMU shareholders would want the 2 funds to take over, terminate MM, and make a go of SLMU. This, in my opinion today based on what I know and reading SLMU most recent 10Q provides the best opportunity.
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