"Personally, I think that there's not much doubt that most of the selling over the past few months must be coming from holders of stock from the shares for debt settlement that became free trading in early October. There were aproximately 5 1/2 milion shares that was issued out to holders of debt and, by my quick calculation, BCU has traded close to 6 million shares since the first of October. My bet is that over half of that selling (3 to 3 1/2 million shares) has been from holders of that stock."
Stone - "There were approximately 8.3 million shares which became free trading as of Tuesday, Oct 6." (this includes the 2.75 million 10 cent PP.....Nexvu held 1.07 million so those should be in strong hands)
Lets cut to the chase...the first creditor (Procon) and their 1.3+ million shares got dealt with by past crosses with BMO being the head orchestrator. All seemed well back then once Bell found out it was them (unfortunately a communication breakdown occured on both sides of the fence as crosses could have been arranged and set up....hindsight never fails).
BMO also was part of the run into the mid 30's, things looked like they were chugging along quite nicely but now they are nowhere to be found (go figure?) to clean up this paltry mess that has kept a lid on the market in totally sucking the life out of any momentum the stock had.
Stone - "...you'd think the Bronco boyz (now a part of Eurasian Minerals) would be standing confidently behind Tim Marsh with their 2.75 million share payout within this same 'Shares for Debt' (not the PP, although it's quite a coincidence with the same number). I'd definitely mold these Arizona Geo's into the strong handed Bell shareholder base so perhaps their weighting needs to be taken into consideration..."
"That would leave about 2 million shares left which represenatives of the company tell me is owned by one group. I think that with any sort of positive news going forward that stock will easily get swallowed up, or more likely get crossed out to a large investor."
Are the Bronco boyz (now part of Eurasian) part of the problem? I can't see it but perhaps they are. What group is it Gryphon? Why didn't the Vancouver boyz step up to the plate with a few heavy hitters (c'mon, you mean to tell me they can play in lithium adventures with the old boyz VRB gang but can't take care of the Bell market?) in supporting the stock moving it up to a "fair" cross level so this weightness could have been dealt with? I just don't get it. We could have been doing a PP at 30 instead of scrapping away down in the teens...
Stone - "The shares for debt weightness is getting to be rather long in the tooth and if i was to hazard a guess these CD holders who have converted to 5 cent paper are also part of the problem..."
On October 26th there were 858k shares that became free trading (per the conversion of the CD's @ 0.05). Who's to say this isn't part of the weightness as well? Us retailers aren't privy to this info but management should be able to answer who these specific weak hands are of this 5 cent paper. Btw, there is possibly 11,331,000 CD's to convert by Feb 25, 2010 at the 5 cent conversion price (before it bumps to 0.085). This is the price we're paying for survival as others cheerlead their grand ol' percentage gains....sheesh.
Sedar - In the 3rd quarter ending September 30, 2009 the Company issued 1,440,000 units at
.05 per unit on the conversion of 1,440,000 Convertible Debenture units for total proceeds of $72,000.
Take note that there are no exact dates stated of when these 1,440,000 shares become free trading so us "dummy downs" can keep track of further possible weightness. It's possible that some of this 5 cent paper is also part of this downdraft.
Plus, don't forget about the 4,000,000 PP shares (15 centers) that are soon coming off a 4 month hold period around December 14th. Strong hands or weak?
Lotza variables in play, a helluva mess.