ValueSpec,
I have to side with you here.
Last time this year there was lots of residual income sources at Franklin: PurchasePro, PLEIAS ('61k signed customers and 175k by the end of the year'), Internet Passport, not to mention our software 'e-commerce in a box' or website for promoting unsigned talent in the fields of music, drama and comedy. Correct me if I'm wrong, but didn't Frank say we'd abandoned all these things because Franklin was going to focus its sight on the deployment of the Tempest? When do you think we can expect any information on customers, prices and revenue?
BTW, I didn't tally the log yesterday but I did notice a particularly ugly block of 60k at the bid ($1.07) at 2:23. The bid dropped 4 cents and then shortly was up to $1.10. Could be the last of the conversions but you've got to admit that the mathematics for converting under these circumstances are perfect: Low average over the last 20 days and then a spike. Avg price is $.86 over the last 20 days.
On the bright side, it looks like what the S/1 document is saying is if the average price falls below $1, then the price for that day is set at $1 (though it's not very clear wording): "Conversions are set at 80% of the fair market value of the Common Stock, based on closing prices during a measuring period prior to conversion, with a minimum of $1.00 per share". I think the best price they can get is $1 and the bid is now $1.078. With a guaranteed 8% return on top of this 7.8% return it may be a force to reckon with in the next couple of days.
WH |
