Finally, I have something "semi-solid" about CMYN.
Hello, I am a long time CMYN common stock holder and poster on the Yahoo! thread, which was discontinued sometime ago. This is my first post to this thread.
I have information, the source of which, I am not presently at liberty to divulge. If you are long CMYN, I would be interested in hearing your comments. This is not hype, but even if it were, an honest discussion of its relative merits or lack thereof by CMYN longs on this thread can not possibly do anyone any harm.
Do me a favor, please participate in a discussion if you are long CMYN.
Here is the scenario:
A small group of movers and shakers ie. big holders of conv. pref. and common stock of CMYN are attempting to accomplish the following:
1. Get CMYN to an endpoint where there would be only ONE TYPE OF STOCK...common shares.
2. All back dividends, penalties, etc. etc. owed to conv. pref. holders would be forgiven or at least dealt with during the conversion of remaining conv. pref. to common shares.
3. A massive reverse split would obviously occur as part of the deal.
4. Now don't get hung up on numbers regarding the reverse split, because they do not matter and here is why....
5. While only at the serious talking/haggling stages, the company would be owned ultimately 10% to 20% by current common share holders and 80% to 90% by current conv. pref share holders.
6. If/when this gets to a formal proposal, it will need prior consent of the conv. pref. holders and then a majority approval will be needed from the only legal voting shares, which are the common shares.
THAT IS PRETTY MUCH IT!!! WHAT DO YOU THINK???
I have a large loss (for me) in my CMYN common. I do not own any conv. pref. While needing to actually see the final proposal in writing, I am definitely inclined to have a positive attitude for this reason. As things stand, I see NO LIGHT down the tunnel as far as the eye can see. Under this proposal, I see a very slight glimmer of hope to someday recover most of my investment and a much better chance of recovering SOMETHING, than the current situation, where, IMO, the outstanding conv. pref. will surely devour all the proceeds of a fire-sale, buyout, merger, or whatever endstage play you choose to imagine.
Thanks for listening.....serious responses appreciated.....jm |
