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Strategies & Market Trends : Floorless Preferred Stock/Debenture
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To: Zeev Hed who wrote (718)7/14/1999 8:10:00 PM
From: Larry Brubaker  Read Replies (2) of 1438
 
Zeev, looks like I was pretty close to the mark on WAVC's financing. There was an S-3 today which registered another 1.6 million shares for sale, 500,000 of which are the "reset" shares on the first tranche of their floorless financing. My estimate that the bandits would get 50% more shares than the original amount was pretty close.

The S-3 also indicated that they issued the second tranche of these floorless on June 15, subject to the same reset provisions, except the bandits agreed to withhold selling the shares for the 2nd tranche until the reset shares for the first tranche are issued (which was today). I'd guess there will be further weakness in the stock, which has fallen from $2.57 when the first tranche was issued to its current $1.50. By the time the third tranche is done, I'd guess the stock will be well below $1.

Normally I wouldn't take such an interest in the floorless travails of an OTC:BB penny stock. But I found out Don Wolanchuck was touting the stock (the primary tout of our favorite wonder battery company), which piqued my interest. There are several reports on the WAVC thread that Wolanchuck has been predicting the price to take off during this floorless period. Pretty much confirms the suspicions I've had about Wolanchuck all along.

Tried to play your Don Quixote role and warn the thread about their financing, but there doesn't seem to be much interest.

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