jds,
I am trying to see how this exchange of preferred shares into common is a signal of confidence of Smith and Budrunas. To me it looks like one hell of a nice payday.
Basically they took pref shares valued at $5 mil and exchanged them for 25,866,529 common shares valued at $ 18,365,235 based on the closing price of $.71 on 3/24/2008.
A $13.3 million payday. Really it is alot more since there is no cost basis to any of these shares in the first place (IMO).
I do not see how this adds equity to the balance sheet either. Maybe some of the accountants on board can explain that one.
I see this as nothing more than spin by our CAO, plain and simple.
rockitt
Market Data 
Markets 
AI
