I think you're right. Even though I can't make the numbers add up as to how many got sold at what price (nothing new for SWVC filings), I see that "zero" as to how many more of those series C convertible preferreds he has left to sell, and my impression is that he's sold his shareholders down the river for a penny a share. And those shares that he sold were not SWVC's shares, either. They were his personal shares, as I understand it, according to the filing. Watch for gigantic OS increases and ever-lower prices as all those new shares get sold for a profit at any price over a penny. Plus, there are still hundreds of millions of shares waiting to be converted at .001 and dumped, little 4.9% of the OS pieces at a time. I think Tom just bailed out at a penny. But I could be wrong. The filing is, as usual, a little confusing.
At least Tom got 2.7 million bucks for his trouble. With that much cash, a guy can buy quite a bit of respect.
Again, I could be totally off-base, and the money Tom got from selling out could be for paying off debt, buying back CD's, paying for Hackett's, whatever. But that's the way these deals are designed--to get the retail shareholders' money by means of smoke and mirrors and fluffy PRs.
IMO, Tom just bailed. Bigtime. Took his money and ran. I don't blame him; I did the same thing. Several times.
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