BC - Now, I'm lost! But, perhaps this will clarify it all.
Clawmann - During the CC asked if YA could convert after Feb 17, 2009 Mike Zima stated - Yes, there are no known restrictions (based on his seeking clarity from Neom counsel) aside, from the 4.99% restriction.
Clawmann and others ascertain from "Delaware Corporate Law" - That no conversions can be made below any set par value. In this case .01 - I have contested the legitimacy of such a conclusion, with "YA, has done so (converted below par value .01) millions of times -- 400+ million this year alone"
Clawmann and others including "myself" thought out and concluded, perhaps, the Waiver issued to YA via Neom had something to do with "YA" converting below par value (in the past" and perhaps, YA wouldn't do so any further.
Thereby, creating a wait and see approach - being that we are currently in the area whereas, YA would be able to convert below par value! The only indicator of any use would be Volume. Hence, the request to wait and see! If the pps flat lined at around .01 There is a good chance YA wouldn't convert below par!!!
The effort would've required an "unreasonable" amount of concerted effort by all retail shareholders - potential buyers etc. But, it was and still remains worth a look, to some degree to follow the volume...
There is nothing more to it!
There is also, no way of knowing with certainty if anybody is right and or wrong. As, we all know it will be months before we gain knowledge of any YA conversions taking place in the present.
My theory has always been: to follow the lowest closing bid of the preceding 30 days. As to determine what pps YA could convert. In doing so, one could minimize risk in deciding to buy or not.
Along my path in following the conversion formula - the PR releases etc. I have found some disturbing correlations between YA's ability to convert and Neom's dissemination of information. As well, as what I believe was an orchestrated move on YA's part to drop the pps with the reduction - elimination of the 3rd tranche and subsequent running of the line in announcing the amended funding early June.
There was no need to do such and my only conclusion was "YA" set a new low for conversions without risking/sacrificing any of their shares held to do so! Which IMO was B.S. and very telling of YA's intentions.
Hope, that clears it up for you...
EDIT - BC take a moment to read my past messages. There you will find more clarity....
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