It's even worse.
The Cayman bankers short 1,000,000 shares of the stock @ $1 for $1,000,000.
They then "lend" the "company" $1,000,000 which in reality is a sale of shares at 80% of market so they get 1,250,000 shares. They then cover the 1,000,000 shares they are short and sell the remaining 250,000 shares into the market.
Of course as they keep selling they get less than $250,000 because of the endless dilution.
After many press releases and apparent hard work all the shares will be issued and they'll do a reverse split and even throw in an increased authorization if Christmas is close enough.
Eventually they'll start issuing preffered shares. The interesting thing about the preffereds is they are dilution proof because the conversions are tied to a dollar amount not a share amount.
Finally they will sell the assets of the company to another company for stock and distribute the stock. Unless you are holding the preffereds, you just get the bag.
I don't know if NNRI is really going this way but, it walks like a duck, it swims like a duck, etc., etc.
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