RE: Not much stock in the public float.Wow Sand, your math is really bad, and your whole idea is based on nothing more than wishful thinking.
Brookfield, via Tricap and others holds 70% of the company, not 74% and Harbiner holds 19% of the company. (Both these figures include the non voting shares as well, since they are basically the same as voting shares.
In total, there is approximately 21.5 million shares available outside of these two parties. Of that, CIBC holds just over 4 million shares, so there are about 17 million shares left out in the open. After the rights offer, there will probably only be about 10 million shares out in the open.
Ultimately, the number of shares left makes no difference. I don't think Tricap is interested in taking us over any more because they basically already own the company. Plus Harbinger has no intention of selling.
From the market action this week and last, it looks like CIBC has been dumping shares. On Stockwatch.com you can see that CIBC was a large seller, dumping over 30k shares just on Friday. I don't blame them. They know that the stock will probably fall to 10 cents, and the company is on the brink. They have been selling hard all week.
Also the CRD is appealing the land decision, which will further hamper the land sales.