Are you viewing a filing that leaves a holding of 10,010,460 common shares = 8.45%? Could this be considered a tax sale since mutual funds close out their tax year 10/31 and over 650,000 shares of pr.B were received?
from the recent proxy: << As the result of the conversion of the Company's Series B Preferred Stock (assuming conversion of substantially all of the outstanding shares of Series B Preferred Stock), the issuance of shares of Common Stock in the mergers with PMSI and JJFMSI, and the initial issuance of Common Stock in connection with the stockholder litigation, the Company would have approximately 333,422,911 shares of Common Stock issued and outstanding by the end of 2000. The Company may also be required to issue up to an additional 62,322,034 shares of Common Stock upon the exercise or conversion of warrants and its currently outstanding convertible, subordinated notes. Accordingly, as a result of the exercise of these warrants and convertible notes, together with the issuance of additional shares of Common Stock in the stockholder litigation, the Company could have up to an aggregate of approximately 453,915,483 shares of Common Stock issued and outstanding, on a fully diluted basis, not including shares of Common Stock issued upon the exercise of outstanding options.>>
As of the proxy (11/8) roughly 159mm shares stood outstanding.
Flipper, for this reason, so many shares, I'm all for a reverse split as will be voted on at the December meeting. They stated that the reverse split that will be voted on will between a 1:10 to a 1:20. I would lean toward the 1:20 personally.
I realize that in the short term this might not be in the stocks best interest but over the long haul, I think it's the way to go.
I always enjoy your posts...thanks for the good job you do in sharing your thoughts.
"In the event that the Company's Common Stock is delisted from the NYSE and the Company fails to be listed on either AMEX or NASDAQ, it is likely that the shares could not be listed on the NASDAQ Small-Cap Market (the "Small-Cap Market") without a waiver of certain listing requirements. In such event, the Company's Common Stock would instead be traded on the NASDAQ over-the-counter market."
Peaking around today. Market is pretty awful and there is nothing to do really. Dreman unloading is long overdue. Never understood why they did not do it right after the PL deal went dead. That was the final blow to this POS.
As to anyone picking up this stock, those doing it have to be ready to lose their capital. There is no upside left. This stock is cooked.
As I said we are on the 25c/share for xMas and below 10c next year (price pre-reverse split) if management has not thrown the towel by then. The reverse split is not going to make anything easier at all other than preventing delisting and giving the appearance the stock has some value. ($10 looks better than 10c). If reverse split decision is cancelled (things always change as they move with former PZN) this stock will go OTC.
The question for me is not when they will recover but how it will end and who is going to get what.