Before I go on, I just want to say I've been buying since the WWTT news was first broke. I think 30 cents is a no brainer with a much greater potential, which I'll talk about later. I don't care if they paid F&S for a promo, but at least they could get the facts right. Having said that, I'm not pumping or bashing, just thinking out loud.
Now to the weird part.
W40 said
The grammar used is so poor that the company is still fully liable to all shareholders.
I'm not sure if he meant the grammar was actually poor or the wording was weak, but I'm pretty sure that he meant that he thought the clause was unenforceable, so do I.
The wording is so weak that BKYI could make any half hearted attempt and the requirement to "use commercially reasonable efforts" would be deemed to have been met. I'm specifically talking about the R/S and the up listing to the NASDAQ.
And why the 60 day rush? Granted, everyone is better off with a NASDAQ listing, but it seems like a NASDAQ listing would require a $4.00 pps, which at the current pps of 20 cents would mean a 20 to 1 R/S, leaving an O/S of about 3.3 million shares. Is that really enough shares for liquid trading?
Why not wait until the pps rose due to actual accomplishments so that the R/S could be much smaller, leaving an O/S large enough for trading to take place. Since they won't be using shares to fund operations, what harm is there in waiting and living with a lower pps for a little longer?
It's almost as if BKYI and CGG have already agreed to the R/S, and this clause just gives MD cover. Why, I don't know.
Someone on Yahoo said that because BKYI was going higher under increasing volume, it was being accumulated and that could signal a buyout. I disagree, that would be to convoluted right now. The terms of the convertible stock are good enough to drive the stock up under heavy volume without any buyout.
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