Pennyjunkie...interesting
In filing it says the note holder could convert as follows - conversion price equal to the lesser of (1) the average of the lowest of the three day trading price during the five trading days immediately prior to the conversion date, multiplied by .80%, or (2) the average of the lowest of three day trading prices during the five trading days immediately prior to the funding date.
So, in my opinion...COrnell and the gang converted at recent bottom, around Dec 23, 2005...at discount. CRGO got new financing thats no toxic, and market realizes that.
Cornell is infamous in providing cash....then they short the stock down, and convert their notes for a bitch load of shares. Its what they do...floorless debenutures....they short you, convert, and end up holding a massive % of company. Knew one CEO who told me he didnt know what he was doing, got a floorless CD....they shorted his stock from $1 to .01...then converted $1 million note, and ended up gaining voting control of the company...lol. Thus Jeffery's want of 20 times voting rights in 14c.
I think the market realized he woke up and got out of the toxic and classic Cornell death spiral....and thus the reversal in late Dec 2005. Then means Cornell converted at like .001, and is no longer shorting the stock.....they got what they came for.
If it aint shorted.....maybe .01 isnt to out of the question. Just my opinion.
