about increasing the share value anytime soon. I would have thought that he and his team would have aggresively made attempts to get the price heading towards his breakeven price of (I think) around $5 per share. His team could have capitalized on Harris's offer and kept the momentum going with more news and possibly dealing with Harris. But the subsequent silence has made shareholders sell and the price is dropping. So far, Sellers & team are no better than Geller & team.
Wow, you seem to have an axe to grind with Sellers:
Someone should ask Marky Mark on the call how the BoD determined that $12 million in financing was required.
-Probably those cash flow projections they started doing when they took over (which Geller and Co. were apparently not doing, which might explain the crazy cap ex obligations that Geller entered into).
Convertible too ....
-Did you expect someone to give PRXI a note yielding 6% without a conversion option? Right...
and subject to holding shareholders hostage for approval.
-there's no gun to my head. I'll gladly let Sellers buy in at .75 cents a share and increase my holding by 50% at prices underneath what he is paying. In fact, I hope PRXI can attract a whole bunch of future investors who will pay more than the current market price for shares in the company. Would you be so grumpy if Sellers was paying $1.00/share?
And just how hard is mgmt going to look for other financing if it just so happens the Titanic artifacts are awarded to PRXI before the annual meeting of shareholders ????
-And maybe the board of directors were the ones who shot JFK!
I'm sure you'll hear something about capital needs projections etc .....
-Well duh. Why else would they do it.
how about interim financing ... in smaller amounts ..... more like an LOC type scenario ...... where the BoD would approve drawing additional funds .... IF NEEDED ..... to MINIMIZE dilution eh ???
-Ok, you find someone who is willing to provide financing on those terms. Good luck!
How about info on the schedule of expiring Bodies leases ?
I agree with you on this point. We need to get out of that $8 million/year licensing fee situation.
The way I see it there are three events which can have a positive impact on share price:
Earnings being released tomorrow (supposedly)
Ruling in case of ownership and sales rights of items salvaged from the Titanic
A counter offer to GMH of x$ per share (for all shares)
#2 would give the company the greatest overall bounce as it would increase the value of the company by $30-110 million instantly. The range is large because we are in a bad recession, the Titanic artifacts were valued between 90-120 million a couple of years ago, but with the current economic climate hard to believe them getting over 60m. Regardless, it would be a big positive.