Yes I would have performed the R/S around that level. The damage to shareholders (actual and confidence) would have been much less than driving the stock to billions O/S and A/S. If I were to perform a R/S now I would decrease A/S to 500M.
Large A/S is always bad news in pinksheet land.
It's never good to R/S, but there are times where the harm is more mitigated.
There have been many mistakes in the money shuffle game over the past year. Management made several poor gambles which ended up with very limited and poor choices.
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