From their last Aug '97 10QSB, common Stock, $0.01 par value, 100,000,000 shares authorized, 15,531,595 at June 30, 1997. In their Jan 13th release, they increased the authorized number to 150MM to use for acquisitions.
If we double that number, as a chaos factor between Aug and Dec, to say 30MM and add the 50MM for the Reg S ($500,000 at .01/share) gives us a max of say 80MM in the float (assuming all the Reg S made it to the float).
Now, Jack sounds pretty confident in finding a long term investor to absorb (buy the Reg S) "debenture holder's interest" which may have made its way into the float. So, I'm attributing a good sum of the volume we're seeing to this long term investor buying up the Reg S, as KAA speculated, through the MM in the open market.
So, to answer your simple question, IMO there are about 80MM shares floating out there of which we've already traded them ALL in the last two weeks.
IMO, a lot of those share won't see the light of day for a long, long time.
Have a good weekend all... |
