The fat lady says, The new offering will be priced mid 3's.
Well lets analyis this. If they could sell on the open mkt @4.11 Why would they price the offering below that price. Obviously the Goldman Saks & JPMs have found buyers above that price that is why they cancelled buying in the open mkt. I as an expert in these matters say they will price the offering @4.25-4.50. Pricing the offering below $4.25 would be like trying to shove butter up a wild cats ass with a red hot poker. And you can take that to the bank!!!!!
To answer the first part of your question, prcing below 4.00 will encourage the sale of 96 million shares a lot faster. And, IMHO, that's why they sold only 16 million at 4.11. But, since I'm long at 5.00 from just a week ago, I hope you are right and I'm wrong!