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Gold/Mining/Energy : PLRN - OIL!!!
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To: Alan Whirlwind who wrote (455)12/18/1997 7:05:00 PM
From: FARRIS   of 476
 
That is a potential problem, I have to admit. The company seems to believe that the the guys who are taking part in the placement are not going to trade their stock. I do not know what kind of restrictions may or may not be imposed on those shares. They said the reason they did not just sell the shares directly into the float was they did not want to sell to traders, they were selling to people who know the vast potential of this project. The 150,000 that are currently restricted are owned by the company. They took the same hit we did on the reverse and thus the potential dilution. I also believe that they own most of the float shares. We can only account for 25% of the float here and yet no one is really selling except those on this thread. I can account for almost all of the sells the past few days from emails I have received. I do not know the answer for sure. But it seems to me that if anyone does, it is the MMs who generally have the best information available and they are raising the hell out of the bid.
Good luck to all on this one.
I will be all over it in the morning. Without selling the bid and ask will keep rising. Eventually someone will start buying in. Anyone who bought in at $2 would be up 12.5% right now at the current bid. That in one day.
Eric
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