TBK - not surprisingly the share count almost doubled this week. And that netted GE $12.4 million. That's a 50% haircut in ownership value to anyone that bought as recently as last Monday. I know there are dreamers here that wish and hope that GE will change his strategy, but his history simply screams otherwise. At the pace he is dumping new shares the outstanding seems headed to double again next week and set up for yet another reverse split.
Something else to keep in mind are the NASDAQ Capital Market listing requirements. One of those is the market cap needs to be $50 million. DRYS is well below that now and with GE killing off the pps, I am expecting a delisting notice to come his way at any time now. For those that believe the capital market in general works to find the right price for any company's shares, DRYS appears to be working as expected. GE has not operated in shareholders best interests and the pps is reflecting that simple fact. The painful truth is that anyone holding shares now or buying any will be wiped out once DRYS is delisted. I wonder who will profit from a delisted company? GE will have the cash, ships, preferred shares, and continue taking fees. Common holders won't even get a thank you. Makes me wonder if that isn't the real strategy after all.
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