Dave, Jack Arnold himself didn't raise the reverse split issue, we did. I feel even though a reverse split is always a possibility (e.g. 1:10 split, then issue another 50M shares at a higher price, etc..), we will most likely see an increase in the number of shares.
I asked Jack Arnold about possible scenarios, here is his response:
"...The current letter of intent may include an increase in authorized shares. These details are being worked out at this time..."
Message 3051401
By the way, here is also part of his response to my email of 12/18/97:
"..My primary objective is to return as much value to each shareholder's investment as I can. Obviously, there is no guarantee everyone will get out cleanly (especially those who bought 6 months ago, 12 months ago etc. and did not average down their shares by buying at the recent $.04 & $.05 prices), but I am taking responsible steps to extract positive value from this public shell.."
Of course, everyone should make their own conclusions from this correspondence, but I am clearly reading between the lines that he intends to bring the share price up!
Milk |
