IELSF-Flight to Fortune Or? Message Board

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Microcap & Penny Stocks : IELSF-Flight to Fortune Or?

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To: Intrepid1 who wrote (472)	11/2/1998 9:06:00 AM
From: Zeev Hed	Read Replies (1) of 520

purething, it might be useful to look at the history of another company in a very similar situation where the public shareholders are trying to remove the current entrenched management that brought about a dilution of more then 10 to 1 in the last few years, TTRIF. Their AGM just concluded and the dissident got 11 million shares to remove management, but management slate got 85 MM share. How come? the bandits voted for management of course. I am afraid that here we will have the same scenario. I think that the problem is truly economical, the company has a given burn rate which it can barely reduce, and with the floorless in place, every time they write a check for some of this burn rate, they print more and more shares. The lower the price, the more shares are issued. I tried to explain this when the stock was near $4, I also explained there how catastrophic the decline becomes as the price goes down. The real pity is that whatever they do, they have essentially closed the door to normal financing at this time and thus any hope for rapid recovery are dim, IMHO. Zeev

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