As of the record date, June 30, 2007, there are 50,000,000 shares of Class A preferred stock and 50,000,000 shares of Class B preferred stock, and 3,620,241,722 shares of common stock outstanding. Each share represents one vote. There are currently no arrangements known to the Company, the operation of which may result in a change in control of the registrant.
The belief here is that Appletree (or Manzo through Appletree) owns 90% of common shares.
That is where we get the oft repeated float number of 362 million (10% of the O/S of 3.62 billion). Though personally, I doubt that is the case.
This is my thinking: WNSH has PR'd a buy back of 350 million shares out of the float. Under our float numbers, the leaves 12 million in the hands of other investors. When you think of what a short position of 1X the float can do to a stock price, you see that buying 350/362 million shares would be a disasterously expensive proposition.
This leaves 2 possibilities:
1. The public float is much larger than we think.
2. There is a giant short position and WNSH wants to get the float down to almost nothing to put the shorts in a terrible bind.
My own opinion is that both these possibilities are true. There is a short position roughly equal to the float, but the float is closer to half the O/S, or about 1.6-1.8 billion.
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