I am still happy if 40.000.000 usd is raised! You can argue about details as long as you live, but if Solomon pulls this one off we are winners. What is your alternative? No no no, do not bring up the sale of any part of the company......this would have happened long time ago if it was possible!
RealUSA, how are you arriving at your dividend yield calculation?
If each preferred share pays out $2.8 every year on August 15th, and it costs 112 common shares to convert to a preferred share, then it would cost (112* $.24 = $26.88) for each preferred share. So each preferred share costs $26.88 and you get paid $2.8 every year on that preferred share so $2.8/$26.88 = 10.4% annual yield.
Are my calculations wrong? Because if not, that makes a significant difference in your argument for the attractiveness of converting, 10.4% vs. 2.5%
Regardless, I do agree they must believe the stock will not be below $1 soon, which likely has to do with financing or the CA contract they've mentioned. Hopefully there's news soon because there won't be much interest in these shares without it. I would also keep in mind even RD has become very bearish on the stock lately which if anything should be a buy signal..When you look at the technicals, we've broken the 200-day moving average so clearly the trend has turned not to mention we will finally have growing earnings and share count reduction this year.
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