RE:UpdateThanks for the welcome back, 49er and Golden. Havent had anything new to add to the discussion, other than I would have said, as did many others, that we have had to wait for the package. It seems weve had to wait too long.
You are correct, 49re, it is indeed one package for each accountthanks for the heads up because my Kingsdale guy (whom I thought knew his stuff) had steered me wrong; I phone Kingsdale again this morning to confirm. Also, I discovered today (after I hurriedly prepared 4 packages and faxed them to my broker) that they finally received notification on their system of the rights offering. The brokerage guy I talked to insisted they dont need the fax and they will handle it all at the back end, including the money part. But he had to escalate to see how to enter the oversubscription part into the request system; but his insistence that the back room guys would handle it all seemed based on more usual share subscriptions and this is quite different. I hope tomorrow Ill get it all sorted out, but I still think they will need my signature so at least they have that with my faxes.
Golden, dont despairif enough of you complain to the company, they may extend the deadline. Also, call your broker again, as they might now have notice and can expedite things, even across the border. Ive been reading that weighty white book they sent in the package and on page 43 last paragraph, fourth line, it mentions the deadline and any permitted extensions thereof. Certainly my broker only getting notice now leaving a week left to the deadline is not reasonable.
As for the folks wondering why the selloff, I expect that people are dumping shares to fund the purchase of the CVRs. Not a bad ploy, as the CVR according to my number-crunching is the better hold in terms of payback and also helps insulate against further dilutions. And while I want the CVRs, Im not so sure I want to get stuck holding shares at 27 cents for very long either!
Also in reading the booklet carefully, both sides get their legal fees paid by the company. I assume that is what the $6.5 million funding by Nov. 30 is for.
To respond to the new guy asking about new shareholdings, the answer is that any share bought after Aug. 11 gives you only a share in the company, and you are not entitled to participate in the CVR. That boat was loaded Aug. 11 and is about to set sail. Im still trying to get on and not too confident in the processits been pretty hard so far, mostly because of the lack of notice.
So congrats 49er for getting it done in a dayit hasnt been quite so easy with my broker, but I hope tomorrow finishes it off. GLTA.