Roscoe, you've been exposed as the fraud that you are by the shares trading down to $.86 with no evidence of your 400K-share buy at $.89.
Since you are totally naked, why not post a selfie on FB and send us the link?
"USU will have no I repeat no value after todays trading . . . ."
Well, that wrong, if not misleading. USU shares will have value tomorrow and beyond as shares of LEU.
"I will be very interested to find out from those that bought Friday or today if and when they get their LEU shares."
I bought some USU on Friday, and a little more today. I'll post when the LEU shares are received.
My guess is that we're seeing naked shorting by Usec note owners against delivery of LEU later this week. So far they've been right, but I'm not so sure that their strategy will work out when they cover with LEU in two days or so.
We shall see.
"has a generous market cap @ 5.25mm"
That's about the value of a successful McDonalds site.
"Wouldn't shorts want to cover before end of day Monday? That's what I'm wondering about."
I doubt it. Most of the shorted shares are by owners of Usec's 3% notes, and they can just offset their new LEU shares on both sides.
"Kingxxx or was it sponge bob that said he would be backing up the truck below $1.00."
I did buy a few shares yesterday at $1.05 or so. I'm done (I think).
I'm still thinking that most of the selling was shorting to hedge long positions in the old notes. I'm wondering if we will continue to see high volume on Monday, presumably the last day of trading before USU shares morph into LEU.
I've never seen anything quite like the last 14 months of USU trading. I just hope it works out for the Company, the country, and (oh, yah) me.
A buyer becomes the "holder of record" on the "settlement date."
The sellers today are likely longs who don't want to deal with the conversion. Of course, they could also be old note holders who are shorting USU with the intention of covering with LEU shares. Maybe some of each. The short-to-hedge explanation is probably a good idea for institutional owners of the notes.
For anybody who believes that the Company has good future prospects (or wants to buy a lottery ticket with better odds than power ball), this MAY be a good entry point.
With apologies to Fox News, "I report, you decide."
The should be it since any trade from this point forward would settle after the Company emerges. The last trade was a customer buy yesterday (9/24) at 38.00.
I wouldn't worry about the contract claims so much. That stuff goes on all the time in Washington. Just look at the claims of the major defense contractors and DOD. That's how the auditors and lawyers in Washington justify their existence. Some how they always work it out and continue to do business with each other because they are co-dependent.
I'm more concerned about the long-term bitter personal rivalries between the DOE and Usec staffers that go back all the way. They all hate each other, or so it often seems.
Sheesh! All this time I thought they were at Piketon. Shows you what I know . . . .
“We are maintaining the current centrifuges that have been put into operation at Portsmouth,”
I hope the Obama administration is better at targeting in Syria.
Sort sellers today were likely the same parties that were buying the bonds today. They'll cover with the new shares of LEU that they receive in conversion of the old notes, and do quite handsomely in the process.
We know that old note holders will receive $30 in cash for a year's interest, plus a new 8% note with a face value of $377 and about 12 shares of LEU.
Let's say that the old note's value is $380. Take away $30 for the interest and the $350 balance is left for the new note and the 12 shares of LEU. Since USU is at $1.60, the implied value of LEU is about $18 per share, or roughly $216 per old note. (I can't tell you whether $18 is really the fair value of LEU, as if it were trading, but it's the only information that we have to tell us what the new note is really worth today.)
From $350, take away $216 and that leaves only about $134 allocable to the new note.
Interest of 8% on $377 is $30, so the current yield on the new note would be about 22%. The yield to maturity would be much higher.
Therein lies the problem. Even though the new note interest may be payable as PIKs, the current yield should by less than 22% (in my view) and must fall after the new notes start to trade. That is, the price should rise.
And that is the reason, sports fans, that I bought more old notes today, even though I said I wouldn't.
Oh, well, no fire works today. From here the trading should trail off, both because of the Jewish new year tomorrow and the settlement date issue.
"We will not be driving internal combustion vehicles from fossil fuels 500 years from now."
By then our descendants in the Islamic State of North America may be riding camels. That is, unless European women start have babies in sufficient quantities, and the performance of the leadership of the western democracies improves by an order of magnitude.