Jim, you did more than your share of DD and was kind enough to share
your findings. If folks don't follow up and verify, that's THEIR
problem. Keep lurking and post lightly and take a back seat and watch
all these coat-tail momentum riders move on...
I'm still rather intrigued by the trading. From the TA info verified
by Joe Copia we have
TOTAL REGULAR SHARES 12,516,590
TOTAL RESTRICTED SHARES 23,776,774
TOTAL SHARES 36,293,334
with 8MM shares still due to be cancelled. Do you know if all 8MM are
still restricted or did they come off restriction since they were
issues so long ago? If they are off restriction, then the float will
drop to less than 5MM share. I can see why the MM could be scared!
Date
3/26/98 0.30 2,729,000
3/25/98 0.36 1,128,900
3/24/98 0.35 1,405,200
3/23/98 0.45 2,073,800
3/20/98 0.28 2,783,600
3/19/98 0.16 3,302,500
3/18/98 0.085 894,400
3/17/98 0.07 960,000
3/16/98 0.05 12,500
3/13/98 0.047 163,000
3/11/98 0.032 310,000
3/10/98 0.05 167,000
15,929,900 in eleven trading days.
I tend to believe there are STILL a lot of shares being held tightly
and these early morning shakeouts and large spreads aren't working as
a lot of buying comes in the afternoon.
This story is not over. It would be good to get a weekly (if not
daily) update of share count from the TA.
Stay close, if these releases are true, and the MM are that nervous,
than this thing will remain volatile with tremendous upside potential. |
