Colorado Goldfields Inc. (fka CGFI)

[lesgetrich]

They were approaching a point where there would not have been enough AS to fill all of the convertible shares (500 million shares times $.0005/share is only $250,000). R/S temporarily reduces the shares but they immediately raised OS back to 1 billion.

I don't like it but it makes a lot of sense. Nothing shows that management made any money here. It all went to the lenders. Management was just keeping the lights on and trying to move forward on the plan. You can accuse them of bad judgement for getting in bed with these guys but I don't think there was any sinister intent here.