well, I'm just going do a scalp trade on it, I'll check
and see if any pre-market stuff is available tuesday, so we
just wait until tomorrow, I say it might be worth a .10¢ move,
not sure, I never question the charts, I'll be quick to get
out if it goes sour, one thing though,. small volume.
this is the last news release DJ:
tomorrow will tell, sumthing has to be in the pot the way the chart is moving, it all could change on a dime you know.
YOU GOTTA BE VAREFUL HERE THOUGH< I GOT BURNT ON ONE OF THESE
YEARS BACK............
stay tuned
,,,,,$$$$$
07:08 ET
DJ Washtenaw: $1.5M Genstone Deal Falls Apart, To Cut Jobs
06 Dec 07:08
WASHINGTON (Dow Jones)--Washtenaw Group Inc. (TWH) said Monday it ended
negotiations with Genstone Partners LLC to swap six million shares of its
common stock for $1.5 million.
It said that due to the cancellation of the deal, it would halt new loan
origination and lay off all employees involved in the origination of new loans.
Also, the Ann Arbor, Mich., minority-owned mortgage banking company said that
its credit facility with warehouse lender Natty Mac would terminate due to its
inability to comply with a condition requiring that WashtenawGroup receive $1.5
million in new capital.
The company didn't say how many employees would be laid off in its filing
with the Securities and Exchange Commission announcing the news.
The company expects to sell its remaining loans to investors within
approximately 30 days, according to the filing.
The canceled deal with Genstone provided for $1.5 million in capital in
exchange for six million newly issued shares of common stock, representing 57%
of the outstanding shares of the company.
The two parties "were unable to reach a definitive agreement," the filing
said.
