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  • RetiredPaperman RetiredPaperman Aug 23, 1998 1:38 AM Flag

    Probable concerns

    The share price drop was most likely due to
    concern over the substantial selling of shares by a large
    shareholder. I presume this shareholder is the CEO. The
    indicated number of shares being sold by "a shareholder"
    would represent half of the shares owned by the CEO, if
    it is actually him.

    Proceeds from the sale of
    new shares will be used to pay down the credit line
    which was utilized to buy the company in bankruptcy
    ($18.5 million in cash paid). I hope this increased
    liquidity will shrink the market maker's spread. Not only
    is the spread way to large but attempting to buy or
    sell as little as 1,000 shares has a huge impact on
    the price. Until liquidity increases this stock will
    remain a non-institution stock that can be bought in
    only 1,000 share lots and cannot be

    Good luck to all.

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0.0160.000(0.00%)Apr 29 3:09 PMEDT

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