Just logged on and read the posts about the share count. Two comments.
First, the 900,000 "insider" shares. From what I can figure based on past fiancials, many of the insider shares are not 144 restricted, but are part of the 2 million unrestricted shares issued as part of the 1997 stock option. It is my understanding that such shares, even though held by insiders, are usually considered to be part of the float.
Second, it is patently ridiculous to assume that the 250 remaining shareholders hold the same number of average shares as do the members of the cartel, foundation, etc. We know that some members of the cartel hold huge numbers of shares, which would skew the average. It is also likely that members of the cartel, having bought into the notion of a squeeze, are more likely to have bought more shares on average than non-believers. Finally, many non-reporters, like myself, likely are non-reporters because they hold a small number of shares and do not think it worthwhile to go through the hassle of procuring certificates. |
