Hey, good DD. You are correct that NNYG did have a problem in the past from an IR Guy. Jon said that he had hired someone to do IR for NNYG and the guy had sold shares illegally. I believe that the number of shares sold was only about 2 million, which is very minor dilution to say the least(compared to companies that sell a billion a month). The good news is that the guy was arrested and prosecuted. The other good news is that due to that occurrence, Jon does not like IR guys. He thinks they are a waste of money, and will do nothing except dilute the capital structure. I'm glad because 9 times out of 10 they do more harm than good. But regarding the stock, the reason I like transparent companies is because we have the ability to watch the capital structure through calls to the TA. It's not dealing with companies like PLNI or RSHN that have gagged TA's and don't report. That kind of situation leaves much to be desired since we are totally at the their mercy.
Here's the capital structure for NNYG:
As of February 21, 2006
A/S: 450 mil
issued/Shares: 42,613,335
(shares in treasury: 2.5 mil)
outstanding shares: 40,613,335
restricted shares: 16,581,836
float: 23,531,499(14,615,410 in DTC)
Hard to call those numbers pump and dump. I'd say that the shares released is tiny. The o/s isn't even 10% of the A/S. Also, NNYG files reports every quarter, and all the shares are accounted for. Really, IMVHO, they are very low risk. I can call the TA at any time to make sure the dilution machine isn't kicked in. I know that some dilution is to be expected, but I don't expect Jon to blindside us with mass dilution.
Anyway, money can be very powerful, and can easy corrupt those that aren't spiritually fit. I can't be the judge of if Jon is a real christian or not, but so far, he's been nothing but honest.
GodBless-ND
cris |
