I need to correct/clarify my prior comment.
I think the float sort of misrepresents what is going on. The point I'm trying to make is that during the recent restructuring including debt-for-common and preferred-for-common swaps, the shares outstanding went from something like 8 million to 60 million.
While it's true that much of that is still being held in "book form", it is out there and could theoretically come to market at any time. Obviously a lot is held by insiders, including the CEO, and it's hard for me to imagine the CEO being interested in selling at prices that don't start with at least a $3.
But I'm just suggesting that anyone who does the math/valuation on this thing using a number of 8 million shares (float) instead of the shares outstanding is making a big mistake.
Again, even using 60 million shares, based on what I think the CEO has in store, I think the stock is not expensive here.
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