MHOIn short, it's a small victory for DOR and a lousy deal for the creditors in the Lacroix BK.
Trustee sells 15,000,000 shares at .80 =$12,000,000.
Part of the deal was for them to exercise the warrants.
So 5,000,000 shares at .75 =$3,750,000.
Total available for the creditors =$8,250,000.
We're halfway back to square one.
Trustee has now 10,000,000 shares wich they can not sell before Dec.31, 2007.
If I was one of the creditors I would surely question why as trustee the're spending part of the proceeds of the sale to buy 5,000 000 more shares and to top it all, agree not to sell for 14 months.
This deal tells me, even at these levels, they were not able to unload the whole block.
It's a small victory for DOR, as they get $3,750,000 in the treasury.
It's a lousy deal for the creditors.
Not at all convinced that this will help the stock in any way.
After selling at $1.40 in the days following the BK, I'm in no rush to get back in.