"The Nine" sellers & how much? I question how you come up with 220M?
If you look at the top of the 10Q dated 8/15/05 you will notice that there were 110,256,902 shares outstanding.
The SB-2/A identified 55.5 million shares registered including 33.85 mill shares issuable on C/D conversion, 20.4 mil shares issuable on warrant exercise, and another 1.26 mil. shares.
That SB-2/A from 7/26 states:
"Up to 55,513,750 shares, which would represent 36.7% of our then current outstanding shares of common stock (assuming the full conversion of all debentures and exercise of warrants being registered herewith)"
55.5 divided by .367 gets you to the neighborhood of 150 mil. O/S if fully converted.
Where are the other 70 million shares?
As regards the need for cash that IS a legitimate question. Warrant exercise would bring in a couple of million bucks...if the warrants are converted and the shares sold...if the warrants haven't already been converted....
We really DON'T KNOW what the current position of the nine are vis a vis how much selling they have done or have to do to maintain their <10% position.
If BRVO issues 30 million warrants to CCE, and they exercise immediately, that brings almost $11 million into the coffers and ups the O/S to 180.
Roy has been most transparent to date, and I have every reason to think the answers to our assumptions, presumptions, & promulgations this evening will be forthcoming soon. When I last spoke with Roy, not counting my question on the CC, he told me not to put too much stock in all the numbers and %s in the filings, which only further makes our guesstimates just that.
If you have other information that renders these calculations inaccurate, please let us know.
p.s.
Although I take no credit for today's announcements, of course, I can't help but smile, when I think of Roy's response to my concerns about CCE coming in to take control before BRVO ripens in the conf. call. He said something to the effect that "we're shareholders too".
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