It hasn't reverse merged yet. Ellis was bought out of his stake in Winsted by Appletree Capital Ltd (incorporated 4/8/2005). R/M still to take place. Appletree BDC, Inc. (incorporated 2/21/07) does not have a majority stake in Winsted from the Form 3 taken at face value. To spectulate that the preferred shares are convetible into xxxx shares to come up with majority shares owned is pure speculation.
And I think that Appletree BDC has been buying their shares on the open market prior to 6/30/07 and not part of the buy back phase from the P/R.
So to me this all means the 360M shares from the buy back P/R are still to be completed (if they haven't already) and there is no reason to wait for the 3 months after a R/M because the R/M still hasn't happened yet. The buy back is meant for Winsted to buy back in it's company formation as it currently is. I think this is backed up by the statement in the buy back p/r where it states the buy back could start "today" (And it couldn't be worded that way if a R/M had just been done.)
We are still at ground zero in this R/M and we only got a taste of watching this baby shoot up in pps. So now is the time for accumulation. I think we're going to see drastic changes (for the good) in the share structure before the completed R/M is announced. imho
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