Why no dilution? Because remaining preferred can convert only 20% per month while highest daily low of PPH is at or below $25 during converson month: that's in the SEC documents. As PPH rises, preferred convert into fewer and fewer shares.
At this time, at least 1/2 of preferred have sold back to PHP and signed waivers releasing PHP from any fines (which likely aren't enforcable anyway, since preferred suffered no damages), or converted into a few hundred thousand shares of common. PHP has bought back AT LEAST 1.65M common, as of a few months ago, when PPH was higher. At these eye-popping bargain prices, I'm sure PHP has speedily scooped up the final 1.35M common to complete the 3M share buyback, all at MINIMAL expense.
Also, Waterhouse Securities told me today that below $5, they won't allow shorting. They also said they have NO MORE SHARES of PPH available to short, even if PPH were above $5.
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