| | Doug,
Whatever value there's, it should be less than the value of preferred.
The last deal, May 10, 2000, was for $30M:
"...provides for the sale of $30 million of a new issue of convertible preferred stock to existing Value America investors including Vulcan Ventures, Inc..." (http://biz.yahoo.com/bw/000510/va_value_a_1.html).
Before that, on January 15, 1999, it was for $60M:(http://www.sec.gov/Archives/edgar/data/1049889/0000916641-99-000028.txt).
I don't know whether there's more, or if any of them were redeemed. Please double-check with above/other sources.
The big question: is it really worth for the people involved to try and rescue va? MOT should have a final hearing on Iridium's case and should start deorbiting soon. People tried to take it on the cheap, finding out that it's not worth it. That was $5B.
Maybe there's something AMZN doesn't have that VUSA has. But i don't think so, since VUSA is not the only dotcom struggling, and as far as I know AMZN in the past never took such actions.
You could make money on a cat-bounce once VA goes on the BB/pink sheet and mutual funds stop dumping to let the shorts cover. But it has its own risks.
Links that may Help:
SEC: sec.gov
BW Article: #reply-13482308
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I'm deeply sorry for anyone who may have lost money investing in VUSA or others. I hope he/she learns from this mistake and swiftly recoups any loses.
Marty |
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