Sterling, the S-8 POS amended a registration statement for non-employee directors and consultants. Per the last 10Q: "As of March 31, 2007, the total remaining unissued shares under the RSP plans are 2,047,450,000." It appears they merely canceled the registration on stock which had not been issued yet.
Last week, they claimed 2 billion common held by management will be retired. Per the 10K, Ternes held a little over 2B common w/ 9.5M preferred. So, his common will probably be retired or more likely exchanged for preferred.
Unless these guys filed fraudulent documents, the S-8 POS has nothing to do w/ the 2 billion retired by management since the respective S-8 covered non-employees. IMO what they're doing here is just a gimmick. The 10K shows there's 33.7 billion common waiting to be exercised. Tons of dilution still in the wings.
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