The stock (BVIC.OB) closed at $5.25 yesterday, though only 500 shares changed hands.
The SEC filings for the company can be found at:
sec.gov
The shell (BTHC VI, Inc.) was controlled by Halter Investments LLC, a reverse merger mill that is run by Timothy Halter. Halter got a 70% interest in BVIC in early 2006 when he paid $76,500 in professional fees on behalf of the company when it emerged from a Chapter 11 bankruptcy proceeding. It was one of 17 entities that were cleansed in bankruptcy, all of which appear be under Halter’s control. Post-bankruptcy, the company had 500,000 shares outstanding. Halter owned 350,000 of those shares.
Prior to the reverse merger, the company executed a reverse split, reducing the number of outstanding shares to approximately 300,000. Based on yesterday’s close, a rather nebulous valuation given the lack of liquidity in the stock, Halter’s 210,000 shares would have a value of approximately $1.1 million. Not a bad return on his $76,500.
Details for the pre-merger reorganization can be found at:
sec.gov |
