With today's action in this stock, it has become apparent that people don't seem to trust Riley's numbers anymore. I have no doubt that when his original list was put together, most of the entries were correct.
But there is no way of telling whether or not all of his entires were true, or how many have sold in the interim. And his 144 numbers are clearly way off the mark.
If Morgan and Breton only hold 300,000 who could have the rest? Since we started out the year at 900,000 shares, and the only offering was the 2,000,000 S-8's, we know at least some of them must have been sold. If some of them can be sold, all of them can be sold.
If all 2,000,000 were locked up, the float could only be 1,371,081. We know it is higher. Riley's own numbers say only 1.5 million are 144 shares.
My guess is that there are 300,000 for Morgan and Breton and 500,000 for Mayer, 200,000 of which have been sold.
The real float appears to be 2.7 million or so. |
