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Gold/Mining/Energy : ORXX - Orex Gold Mines Corporation
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To: Qone0 who wrote (1254)8/30/1999 3:25:00 PM
From: Jeffrey S. Mitchell  Read Replies (1) of 2392
 
I went back to see the first reference anyone here made about a floorless, aka toxic convertible. From what I can see, it was "Richard Mazzarella" who on 8/15 wrote:

All I find are PRs that show trading inconsistent with the apparent fundamentals. The trading of ORXX suggests a "floorless", or even naked short Reg S, or screwy preferred conversions going on.

Message 10963309

Notice how he included the floorless as one of several other scenarios.

My first post on the subject was nine days later, when I wrote:

IMO, either someone has lots of stock to sell and a total disregard for the company (a shady promoter), or there is a toxic convert in progress. Do you think the CEO will put it in writing that no convertible preferred offerings have been made in the past few months?

Once again, I presented several scenarios.

Note that ORXX was at .18 -- down from $7 -- the first time any speculation whatsoever was made about how the price actually got down that far. My guess is there are an awful lot of distressed shareholders who are looking for real answers as to why their investment has wasted away before their eyes.

Until someone can prove exactly what cause the stock price to tank, the above speculation is as valid as any.

- Jeff
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