[Question-Soros Selling?]
Pat or Others:
Please forgive me if this is a stupid question. There has been several postings on this thread that Soros is selling Amati stock, and helping to cause the current stock price diaster. Of course he can short the stock, like anyone else, but I can't see him selling the stock he obtained through the financing arrangement he entered into with the company last fall. Can anyone enligten me?
According to the last 10Q, the Soros gang has given Amati $10 million so far, and has received 741,913 shares of common stock (i.e. at an average price of $13.5/share). He also has warrants to purchase additional 300,000 shares at $17.45/share and another 300,000 shares at $25/share. Presumably he has not exercised those warrants, since the stock has tanked. According to my read, Soros may have sold some stock at 13.5/share or higher, thus getting some or all of his money back, but it dosn't compute that he is still selling during the past month or two, when the stock has been below his cost (unless he has already recouped his investment and wants out of the stock). What am I doing wrong in this analysis?? Thanks for any help. |
