As I have said many times...those are essentially free shares since the notes were NOT for cash consideration. Would they like to get more for them?...sure. But the pps is a secondary consideration. They need the volume and it is there currently.
and yes...common sense would dictate that indeed if he had a few more tricks up his sleeve then perhaps they would not be dumping now. But the fact that they are...and the volume says that they are...perhaps they feel the end of the line coming for this ticker? That is a sobering thought for someone invested...but it is not an unreasonable perspective.
The lateness of the filing is the other question. His excuse simply does not hold water. I understand the desire to want to accept it...but in reality he has never had, nor is he required to post fins WITH an attorney letter at the same time. Is he holding off to allow the dumping into the "hope" created by the uncertainty? Who knows.
But at the moment this thing sits in the low trips, with an annual report that is a month late, an OTC STOP sign, and and exploded O/S with $22 million in notes remaining.
Other than that...things are peachy.
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