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Microcap & Penny Stocks : Biosafe International, Inc [BSFE]
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To: Jay Matulich who wrote (19)8/15/1996 12:45:00 PM
From: DCBEN   of 280
 
Jay, I take it your signing up for SI-Talk had nothing to do with the hard drive crash. I'd be more worried about the coincidence if Biosafe was a computer company.

AS for possible sellers of BSFE stock at under $2.00, I saw your earlier note that there were few warrants at $2. The list I have shows the following 550,000 C warrants at $2; 2.8mm D warrants at $4.75; 500,000 E warrants at $3.50. I take it the recent secondary offering at $2 was for shares that cannot be traded in US until they are registered. That leaves very few people out there who can be making any money selling down here. It also indicates to me that as the price goes up, the big resistence will be between $5 and $6.

The 10-q does raise another possibility, but one I suspect (and respect) you won't want to discuss. For the sake of others who can speculate, it seems that the BSFE Board is trying to get back some $1.8mm from the company founder and is seeking an injunction to prevent him or his family from dumping their shares (don't remember exactly, but its a bunch). As of the 10-q that injunction had not been granted. If I were Doc Rosen, I'd be very tempted to sell some while I could, and selling into whatever strength resulted from the Fairhaven permit announcement makes sense. Maybe he was the source of some of those big blocks on Monday.

Doesn't really matter, I suppose. But it would sure be comforting to have the stock begin to reflect some of the good news. That won't happen until the buyers are more committed than the sellers.

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