Cdex, Inc. (fka CDEX)

[capnmike]

d4diddy, respectfully, I thought the 2003 LOCH exchange included the 2002 CDEX 1:5 reverse split in the distribution ratio.

Here is the 2002 1:5 reverse split.
http://www.sec.gov/Archives/edgar/data/1173738/000093041304000262/c30627_sb2.txt

COMMON STOCK: All Class A common stock amounts have been adjusted to reflect the 1 for 5 reverse stock split declared by the board of directors on December 11, 2002.

Here is the 2003 LOCH exchange which refers to post-split numbers.

http://www.sec.gov/Archives/edgar/data/766347/000101540203004039/doc1.txt
Date of Report, October 9, 2003.

...should make available 10,842,223 post-split Class A common shares of CDEX for purposes of (a) the share exchange

CDEX shares to be distributed yields an exchange ratio of 45.29863547, which is the exchange ratio that Loch, through its agent NAT, shall use in conducting the share exchange.

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Using a round number of 100,000 shares of LOCH at a cost of $1 each, what is today's CDEX cost basis?
Wouldn't it be:

100,000 LOCH exchanged for 2208 CDEX (100,000/45.29863547 = 2207.6 or 2208 CDEX shares) costing the original $100,000

then the 2208 shares were reversed by 1:10 in 2012 yielding 220.8 or 221 shares costing the original $100,000 total, or a PPS of $452.49

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Still very ugly for LOCH shares to be sure, but I do think the distribution had to take into account the CDEX 1:5 reverse of 2002 when the stock exchange was completed in 2003.