I just received the stockholder meeting notice. It seems that PacketPort is merely a company formed to manage Mr. Ronald A. Durando's investments. They will be lending Linkon $250,000 for one year at 12%, will pay off Linkon's debts at pennies on the dollar (totalling $390,000 and 315,000 shares of mPhase Technologies [symbol: XDSL, trading OTC at around 3, down from a peak of 10 in July and near its 52-week low, with no revenues]), and receive 4.5M Linkon shares (after a 1:3 reverse split) for $0.05/share (current value around $0.90/share) and an option to buy 1,000,000 more for $0.10/share.
So, is this a good deal, in which a small telephony company is buy technology from another, or is this short-term profiteering? Any opinions? |
