He didn't tank the PPS. Thank asher securities and asc recap for that. He didn't have much of a choice on how to pay the company's debt since their credit facility was withdrawn. What is pretty awful is that asher securities gets away with yet another ruination of a company's stock value. They are quite possibly the dirtiest and most cut throat financing company currently seen regularly in the open markets. Combine that mess with the accountant having his sec status revoked, and it only gets worse. I don't think this was Mr. Ray at all. There are other major players that apparently are a bit worse than he ever has been accused of. I missed this at first, as well. However, with only one more convertible with asher, and a substantial amount of debt taken off the balance sheet and this is still pretty far undervalued. Hopefully we get an update on status with the stock tranche payments (hoping for the magic words "paid off, in full") soon. Oh, and as for ASC Recap, I still think they played their game out for tax loss purposes.
