Micheal,
Thanks for the reply.Sybase is the only big brother we have in our corner. I just read both S-1s and the S-4, that were filed late last week.The coversion prices were pretty much as I expected. The big news is, on the 17th of Nov,a special meeting will convene to approve a 3 for 1 conversion of the Series A, into common. Although
they have to issue 4.8mm more shares of common if this gets approved, I believe it is a major step in cleaning up the picture. The filings covered the conversions, from A-to-Z.(I guess in this case it's A-to-K) For fear of making an error in addition I'm not stating the fully dilutive result. I am pleased that some aggressive direction is starting to take place.The Series A deal,is huge.No one was happy to see these small, "take us through the Quarter financings"' but they needed the money and didn't really have a choice.
The board also decided, pending approval, not to take cash for compensation,but instead write themselves each an option for 30,000 shares of vested stock in 25% each quarter.The prices of these options are 100% of fair value at date of grant.(thses are for non executive officers of the company.) In one respect I feel these guys really shouldn't be rewared for the the performance over the last year, but I don't sit in on the meetings so that could be an unfair judgement, the other side of the coin is, why would they take equity, if they didn't think the worst was over.
I'm starting to feel o.k. I do believe Leto will get the job done. He and the technology were the only reasons I stayed in, Oh yes my ego might have played a tiny part in that as well. |
