Replies to post #101 on PACEL CORP (fka PCCN)

[danny_tx]

Off to bed with you then...

[timhyma]

Posted by: timhyma
In reply to: larice who wrote msg# 202 Date:3/14/2006 6:12:07 PM
Post #of 217

GS was involved in writing the R/S, imo. If you read the footnote from the F-3 filing, you will notice they ceased by be a 10% holders from the R/S.

I ask you this- how many shares have traded since the R/S meger?

Here is my thought: S-8 filed 8 Dec 05 for 1bil shares (10% of authorized) to a Elizabeth Monaghan (might be a GS employee?).
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001200952%2D05%2D001000%2Etxt&FilePath....

If she is a GS employee, writing up the R/S paperwork, that makes GS a 10% holder. Then, 26 Jan 06- R/S 1:1000 comes about. Now, GS only has 1mil shares (25% of the O/S after the split).After the reverse stock split, the registrant will have approximately 4,445,584 shares of common stock issued and outstanding
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001200952%2D06%2D000045%2Etxt&FilePath....

So, they own 25%- need to file the 10% beneficial owner forms. THey don't want to, so sell as of 3 Mar- they are no longer a 10% holder.
As a result of exempt market making activity by Goldman Sachs, as of March 7, 2006, the Reporting Persons ceased to be the beneficial owners of more than 10% of the Common Stock
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0000769993%2D06%2D000502%2Etxt&FilePath....


So- if 700123 shares is not 10% (the amount GS says they have), then we know the there is some dilution. (minimum 57% from the R/S in Jan).

So, we know dilution is happening, but the question is how much, and how fast? If someone wants to look at the volume of trades since 24 Jan 06 (when they R/S) and figure maybe half is dilution- I think you could get a pretty clear picture of what the O/S may be today. Based on the few days I've watched it, my guess it is pretty significant- like in the billions already.