Some trading on MRKL
worked for me early but then I became stupid again and became a holder of too many for far too long.
DF yesterday posted info on Gryphon PIPEs on MRKL board. The twist in 04 was naked shorting before a loan was made to the company when the company had no need the loan. Six months later, the company had cash to pay back the unneeded loan but purposely allowed the default. The lender was then able to convert the defaulted loan into unrestricted common to use to cover the short positions. The shorting began when the sp peaked above $4.00 early Apr, 04. Loan default occured 3/15/05 with sp at .43. (The company was not even given a grace period to cover the default. How unusual is that?) Coverage shares were obtained at below market down to less than ten cents, perhaps even lower. Nothing illegal there and no requirement for the lender to hold PIPE issues for registration approval. There was no upfront PIPE shares issued just a convertible loan.
I was reading filings and PRs and felt absolutely certain the company would not default on the loan. How wrong I was!
I still hold some TCNH. With those convertibles coming fast it may be time to jump out of that one as well. Watching for a little more upside pump.
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