All-
FWIW
The reason they gave the SEC for the delays last quarter, in addition to the new CFO, was the fact that they had to 'meld' in the Atari quarters from the previous year and somehow give comparisons for year-to-year, and quarter-to-quarter. Since a full year hasn't passed yet for the new, improved (HA!) entity, the same problems will probably occur this time as well. They, most likely, run their financials on an old '286 running visicalc......... :-)
I think the third week in Dec is the outside limit before the SEC or the AMEX would look askance at them and it would be a 'strike-two' situation.
The current buying and selling, and lower and lower prices could be related to end-of-year tax loss positioning. (I know, I sold 2K to establish a tax loss to offset some of my IOM profits, and I'll be able to pickup two to three times as many of these 'lottery tickets' after the 30 waiting period)
As small stockholders give up, take their losses and go away, or insiders fearing a take-over dump their almost free original shares, Amber is probably picking them up at these bargain prices. Why not? They, Amber, have to pay .62/share to convert their series D preferred shares into common after a minimum holding period.... that would give them a cost basis of around $.83/share. If they are buying now at .375 for a full share, and you add the $.17 per share that a series D already cost them... that's a cost basis of $.545. Lets see, which is a better deal, a share in the hand today at $.545 or,in 12 months, at $.83? Hmmmmm?
This is my supposition only, SEC filings will tell the tale, Investor relations hasn't got a clue......
Any questions?
Ben A. |
