Attention: Solarman Re: My Post July 9 Pref Share Conversionsolarman2013 wrote:
I see no value to NKs post...move along indeed...
Perhaps you have a very short memory or reading comprehension issues.
I wrote on July 9 MY FIRST RESPONDE(see below) to ozphoenix which he conveniently forgot about and so did you.
There was no need for all the hamstering and "JMHO" from ozphoenix, I made it very clear(see below) and was right about the non-issue the preferred share conversion really was and why.
Stumbling over and weakly paraphrasing my post below is not helpful in the least and the fact that you and others can't even recall posts from 10 days ago serves as a reminder of how little incentive I have to post here.
Narrishkeit wrote:
Wrong analysis completely. There are funds in GSO partners which were part of the deal to purchase Oldfort, challenging the forced conversion by TSGI management of their prefs into common stock.
In the terms of the conversion the average volume has to be above a certain amount of shares traded. Current TSGI management claims it is the aggregate of Nasdaq and TSX. The petitioners claim it should only be TSX in which case the volume requirement has not been reached. The reason why the petitioners do not want to convert is while staying as prefs they continue to accrue a 3% premium every 6 months.
The other pref holding members of GSO partners are not challenging the conversion because they don't beleive they have legal standing to do so. Likely none of the remaining pref holders in that group wants a forced conversion or to sell their stock or they would likely already have been included in the 'Selling Shareholders' in the recently completed private offering.
The petitioners in the case are looking to hold not sell, should they lose they will still likely be holding on to their shares. The remaining pref holders who will be converted on the 18th (likely the petitioners will lose) could have been included in the private offering so they are not likely to be dumping large block of stock either.
I don't expect much downward pressure from pref holders, but I continue not to speculate on volatility as without better information this continues to be a fool's errand.