Correct. I am mobile right now so I haven't gone back to review the Forum prior to this bad news hitting March 28th, but clearly there has to be individuals that wish to start a dialogue concerning this company and its prospects moving forward.
When I spoke to Greg Gin (IR rep), he confirmed that institutions had mostly sold on day one through day 4 and 5. Can you imagine the losses they must have taken?
Earlier in the day I tallied up the percentage of shares held by institutions. It was 49.58% and the number of shares held by Insiders is 24.45%. 65.62% of the float was held by institutions and there were 86 institutions holding shares.
CEO MacDonald owns 596,000 shares
The top institutional holders held approx 12,950,000 shares and lost about 160 million dollars if they all sold.
The top mutual fund holders held approx 4,300,000 shares and lost about 60 milliion dollars if they sold.
This is completely insane.
This begs the question," who did these institutions and mutual fund managers sell their stock to?"
Who is purchasing all of these shares, aside from retail?
Who continues to sell the shares down to near $1 per share when the company has in excess of $2.50 per share in cash and a book value of $2.02 per share?
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