So no comments? This board is really dead. I sold my stock a few years back but I still cant give up following them.
Just how much did they get for diluting shareholders 28%??
( actually that was the public announcment. I read a pro forma which shows shares going from 985,000,000 to 1.48 billion so thats sound more like 50% increase of shares or about a 33% dilution)
the announcment was
8.55 Billion in new issue stock And got 6.7 billion for some bonds. Thats like 15,250,000,000 should pay lots of those people lined up around the corner.
Really?
Oh yea forgot to mention that 2.5 billion we dont get cause we guarenteed these people they wouldnt have a loss.
AND
oh yea these bonds are so good we decided to lend 75% on them so we really only got 1.67 billion. But hey these guys are good for the rest and if they arent we get the bonds back! way cool.
So really we got about 7.6 Billion AND we still have bonds! Unless of course the bonds go up, then those guys can keep 'em.
Oh we also picked up another whole $30,000,000!!!!!
SEOUL (Dow Jones)--State-run Korea Investment Corp. said Tuesday that it has
converted its $2 billion of Merrill Lynch & Co. (MER) preferred shares into
72.24 million of common shares plus $30 million earlier than scheduled.
A previous agreement was to convert the preferred shares into common shares
on Oct. 15, 2010, at $52.40 per share for up to 38.17 million shares.
The newly adjusted price is around $27.50/share - Merrill Lynch's closing
price on Friday. Based on that price, KIC's Merrill stake is worth around
$1.99 billion.
KIC said in a statement that it also has received $58.5 million in dividend
payments for its investment in the preferred shares from January to May.
WELL DONE!
Well I guess we had to pay that dividend of 58,500,000 to get that though........
So it only cost us 28 million so that we could give away another 34,000,000 shares of stock. But after all its only shares of stock.
There must be a plan here somewhere. |
