Based on a preliminary count, the total number of Shares tendered in the Offer was 620,679 Shares, including Shares tendered pursuant to the guaranteed delivery procedure described in the Offer documents. These preliminary results indicate the Offer was oversubscribed. Pursuant to the terms of the Offer, the Lion Fund II elected to increase the number of Shares accepted for payment by 41,312 or 2% of the outstanding Shares. The number of Shares that the Lion Fund II will purchase from each tendering shareholder will be prorated so that the Lion Fund II will purchase a total of 616,312 Shares. The number of Shares expected to be purchased by the Lion Fund II is preliminary and subject to final confirmation.
Pg 4 &5 say the pro-ration factor will be determined by the depository.
So many this is a Fidelity issue and Fidelity isn't doing it correctly ?
If the 620,679 preliminary count was incorrect and understated, they should have corrected it by now. The 616.312 shares were purchased.
its 2% of the total sharecount, not just the 575k.
The Lion Fund II elected to increase the number of shares accepted for payment by 41,312 or 2% of the outstanding shares of Biglari Holdings Inc. I think that's some kind of SEC rule.
I don't think the large holders are allowed any extra preference in tender offers. They are supposed to be equal. Pro-rata wise I mean.
The thing is the PR talks about the preliminary but then its not corrected with another PR.
So I would think the overall ratio should apply with rounding up or down for fractional shares.
one poster on SA said he had and tendered 1 share and it was returned.
seems like my one share tender got rejected.
And even if they somehow do serve you, the court would have no jurisdiction over you. And even if they somehow tricked you into giving the court jurisdiction, you can still use CA's anti-SLAPP provision. And even if you forgot to go that route, they'll never prove their case against you. In short, the only reason they are suing you is to attempt to deter others from attempting to set the record straight about the company. That's a strategy from the 90s that is doomed to failure, hefty fines, and possible jail time. Kinda funny when you take a moment to think about how absurd this makes Biolargo look, with almost zero upside.
My expectation is tommorows hearing will just kick the can down the road another 7-8 weeks.
Clearly it hasn't and wont stop me from telling the truth.
And no matter what you do, don't look up Johns name and ripoff report.
Id sure hate for John to cry.
John may have a court date tomorrow. Funny how he isn't suing the site that review was posted on.
The case may be thrown out because of his incompetence but we will see.
I know, you think that was me.
As for why Ive been here 13 years, LACI used to be one of my largest positions back before scamsters took it over, looted it of all assets and became a company designed around selling stock.
If you look at someones 13 year track record of losing money every single year and changing business models multiple times, reasonable people might wonder if it just might be the CEO.
But not you. You deny all evidence to the contrary.
Oh and if you want we can use YOUR time frame. You started posting June 23. 2014 and since then BLGO has went from 65-75 cents to 30 cents. Down 54%+.
But the heck with facts, you are going to get rich.
His only stock went from 12-13 cents to 3 cents since March 5th.
My IRA also declined during the same time frame. By 2.63%.
My regular account, which contains more cash was down by 1.43%.
So Im losing money during the same time period.
Its just that 1.43-2.63% is a good bit less than 75+%.
Why is your scam company suing me ?
Why has the stock lost 99% of its value over the last 13 years ?
if im getting paid to cause selling, Im pretty good at my job.
But I am not. Getting paid. Wish I was.
And he thinks its MY fault ???
253 posts | Last Activity: 16 minutes ago
Member since: Mar 5, 2015
not if the announced figures are correct.
if the stock was 405 I would be complaining.
im wondering if big could/would instruct transfer agents to leave people with 1 share ? Doesn't seem fair if so.
I weighed all available info and made my decision.
A few days trading does not tell me it was right or wrong. Longer term will.
The reality is after this year there will be annual below market rights offerings. And likely some kind of dual class of shares.
I would have kept more had I known Gabelli wasn't tendering but there was no way to know that.
more guaranteed losses ahead.
Sitra has no experience whatsoever in running a bar or eatery. His only experience is in illegal pumping & dumping
I tendered 19 and 20 and they only paid me for 18 and 19. And returned 1 share in both accounts.
So instead of leaving me with 5 in my IRA, Im left with 6 in my IRA and 1 in my regular account.
I guess with the price up I don't really have an argument. Curious as to how this could happen.
This pro-rata does not jive with their public announcements.