GREY:OSIIF - Post by User
Comment by
OSIguy21on Sep 30, 2010 12:58pm
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Post# 17512637
RE: RE: volume
RE: RE: volumewhen the company raised money in 2004-2005 range they did a $14M convert that was convertible at like .70 or .80 cents. They stopped paying the interest on those notes 2 yrs ago cause they couldnt afford to. Most institutions wrote the notes down to zero since they were in default of the interest pmts. If they recorded a zero value in 2008 or 2009, then this is found money for them. Given the liquidity I would bet it is the converts converting to common and selling stock. There were 17M shares+ if all converted. That is my most likely scenario since the debt on the balance sheet has been going down, thats cause the converts after converted turn from debt to equity.