and you think the pps pre-split would have flat-lined during conversion? this play has always been about the loans. if the loans fund the dilution stops. the RS doesn't have anything to do with it.
what if the $8.5M had come the week of the RS? we wouldn't be having this discussion.
floyd - they couldn't convert before the r/s because there wasn't enough room in the share structure. that was precisely the reason they did the r/s.
the structural effect of converting is the same.
the only problem is the disastrous price decline prior to converting.
if none of the delays in getting the I-1 well on-line had occurred, starting with the boat accident last summer, we'd most likely be looking at a much different share picture now.
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