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First Bancorp Message Board

  • papadop007 papadop007 Jan 7, 2011 12:28 PM Flag

    Reduce shares and then DILUTE again

    Isn't this the tactic here. I mean they are only authorized to have 2.5 billion shares (now 166 million). So they have 145 million possibly to sell. The bidder can bid as low as $3.45 and FBP would have to accept under pressure from FDIC and Treasury.

    So perhaps the powers in charge made this a precondition to reverse split so that new investores are not left holding a penny stock even if for only a few days or weeks.

    I think we get a bid when we come back to $4.00

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FBP
6.37+0.08(+1.27%)1:45 PMEDT