Janice-I am surprised you were that vocal on the boards today given all the mayhem. I was advised not to publicly participate in any discussions until after the close of the market.
With the heavy internet traffic related to the IPO and to the warrants attached, the Preferred shares seemed to have been overlooked. My preferred shares, the way I read the private placement agreement, were triggered when the stock broke through $30 earlier today.
Before you post any further you might want to check this out. A few of us, through private placement, got unrestricted Preferred shares that convert 1:1 if the stock does not reach $30 within 60 months, 2:1 from $30-40, 4:1 from $40-60, 6:1 from $60-75, and 8:1 above $75. While there were only 250,000 Preferred shares, I believe it triggers to 2 million additional shares. Since I own 100,000 of these shares, and was not sure of the conversion, I shorted the 800,000 shares at the close.
As a selling stockholder of 150,000 shares, I directed 20,000 shares into the accounts of some "friends" through one of my brokerage contacts. Those of you that I promised shares to should see them in your accounts. If you fail to make the necessary T-3 payments to cover the purchases, they will revert back to me at IPO cost and immediately sold on the open market.
I wish I could have participated in the IPO run here but at least my immediate family and friends were able to get the shares at IPO and at the open. Heck, I picked up 15,000 at $22 even and flipped it at $55 even. I shoulda held but I wasn't going to get real greedy. I just hope I actually have the 800,000 share short going into tomorrow legally.
BTW-Don't feel too sorry for me since my private placement shares were priced at $1.50 for a 10X return and I got to keep the warrants.
Andrew |
