David, I still believe in this statement, but as of this writing, VLNC does not have a floorless, it becomes floorless next week. Last time that happened, CC removed the floorless feature and replaced it with the current convertible. I do not have VLNC 10 Q before me, but if memory serves, that first $7.5 was no longer on the balance sheet and thus must have converted. It is my guess that CC does not hold these shares from that conversion (or a form 13d should have been filed), meaning that they must have sold short prior to that date and delivered the stock from the conversion against the short? Could it be that the last run to the above $8 was used to lay out the short? I do not know, but the next few days are going to be interesting, and yes, the possibility of death spiralling the stock is still there, but it is not a sure bet if we follow CC's prior history with this company.
Zeev |
