re the share count--if you figure on exercise of all warrants to be issued over time the share count is a lot closer to 35 million than 26 million [confirmed by Wingate people] We have been royally screwed;too bad my negative protest vote was to no avail.
35 million is only possible if you assign no value to the warrants in the antidilution calculations of the Pru/BankOne warrants. Since the BOD has the discretion to assign this value, I presume that they will do so in a reasonable fashion, yielding only 3-4% of the fully diluted shares for Pru/BankOne, but I suppose anything is possible. I don't count options that are issued at twice the share price as these options are next to worthless by almost any valuation method. I also don't count options that may be issued in the future, and I don't know of any analyst that does that when valuing a company. You are taking the absolute pessimistic approach.
If the Wingate plan had been rejected the stock would be at less than 50 cents now IMO. If you had made an SEC filing offering to buy the company for more than $2 a share then I would have voted against Wingate along with you. If there had been a vote to toss out the BOD I would have voted with you there too. But no such proposals emerged and what happened was too little too late. There was no real alternative for shareholders at this late stage, given the BOD's position.
well said, tod, my thoughts exactly. Pinning themselves to the corners also said a lot about the old management. What wingate bring is stability so to allow them to at least conduct business planning in a normal manner. However, with all the dilution, shareholders better pray for a brilliant plan and execution. Like yourself, I will be watching for actions from the new board. IMO, I think this is a show me story for 05 and 06.