Replies to post #11476 on Worthington Energy, Inc. (fka WGASQ)

[onemorecomma]

I will vote the direction that Tony says makes the most sense for the company and the shareholders value.

If he was to come out with a 'letter to the shareholders' explaining the 'why's' behinds the 'what's' i'd feel much better about it all.

However, from MY perspective:

The reverse split has some strong upsides now that we're producing... mainly credibility to the street, likely better access to money (it wouldn't shock me to know that the loans in the pipeline are predicated on the RS). I also don't mind the improvement in volitality.

Having the ability to bring more shares to the market (won't happen day one) is nice safety net to have...

Both, for longs, are great news!

GO $WGAS GO!

[Deepthroat179]

Ok...with over $3mil in current outstanding convertible debt...would you like to explain how the remaining 107,000,000 or so remaining shares of the existing A/S would satisfy that maturing all at once at the current pps? Something like 600,000,000 shares at a 50% VWAP conversion by my calcs.

I believe the co will pay off this debt with promised/secured financing equity based before we even get close to this point, but I don't think a company can legally promise these types of debt conversions without the ability to "pay" in shares.