George,
My comment, " judging by the time of your post, I have to assume you
just got back from a Christmas party and probably had a few too many
eggnogs," was my polite way of trying to excuse your "fuzzy-headed"
thinking concerning the rights of warrant holders. Just like "loyal" stockholders, the warrant holders "had" the right to honesty from management. Kind of makes me wonder about the integrity of management when they say," the warrant call will be over a 3 to 6 month period" and then proceed to jam a 30 day warrant call period on the warrant holders. Just for the record, it was not the "loyal" stockholders who put new capital into BNGO, it was those " damn, go to hell" warrant holders. Of course OUR management felt compelled to punish both groups by their inept judgement. Good management would have done "everything" to get "all" the warrants converted, maybe even use a little creative thinking like offering anyone who would convert their warrants before Dec.23, 1997 another warrant convertable at $15.00 or $20.00 until Dec. 31,1999.
Good management would have had a plan to "get all the cash," so that the company can grow and reward the "loyal" stockholders. Warrants, when used properly, are the easiest way for the managements of small companies to get capital. Why did OUR management treat the warrant holders so disgracefully and in the process injure both warrant and stockholders? Is OUR management so inept that they had no plan for the conversion of the warrants other than the fiasco we have witnessed or were they just "hell bent" on destroying their creditably.
George, just for the record, I have lost a lot more money on my "loyal" stockholder position than I have lost on my " speculative-you have no rights, go to hell" warrant position. OUR management is fair, they punished everyone.
With all due respect of course.
Shawn |
