Interesting, really trying to figure out what Adams is doing.
Since he owns more then 10% he has to file every time he sells until he owns less then 10%. So far, I see sells of 2.20 or higher. So that will be the first tell, how low is he willing to sell?
The next is this just to raise the capital or is he determined to liquidate. You would think at 2.20 per share a company that expressed interest in a buyback would be willing to take the shares at this price? The market makers arent going to take to much of this into inventory so either the price is going down soon or Adams will have to relent. I guess Adams could put in a standing order to sell at 2.20. We will see.
What about a dutch auction?
It is disgraceful the way they have become turtles, esp hiring a marketing CEO who basically wont come out of his office. Nice. Where is Robert Chapman when you need him? As Chapman once said, "gentlemen you have set the bar so low even an oompa loompa could step over".
This is really disgraceful by Heely management and board. I really cant believe Adams and Middlekauf havent sued and I have to believe the D & O policy holders have to be sweating already.