I certainly give you credit for always being an optimist and supporting the St. Nick lump of coal that was dumped on us. But here is what happened, the "brilliant" financing (as to how you refer the convert) had a small interest rate kicker and it was thought the shares would convert so there would be additional shares issued and no refinancing required. In theory, the expansion would increase sales and offset the dilution (to be accretive). So now we have lowered guidance and capex that will need to be refinanced. All things being equal, if this were done today it would probably be around 5% and a strike price of $6. Bad timing by Nick and the boys especially with all the new hires (including business development that don't seem to be accomplishing much).
But here is the more important issue, have you noticed on multiple occasions this stock has moved significantly about 10 days prior to earnings? I think this is not a coincidence and am appalled when this happens. However, I have used it as my buy/sell signal.
Unfortunately for those long, it is going to take time.
Yup, the only winner is Nick and his compensation package.
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