Alex Brown - lead underwriter; Goldman Sack & H&Q co- managers. All started INKT with "BUY" this week...what a coincidence. Underwriters have an option on 338,100 shares (at prices surely less than 18) for misc. cost. CNGR has 222,222 @ $4 1/2. Grace period is over, since June 25, 1998...i.e. anyone can SELL and NOT disclose anything to NASDAQ.
Looks like a high powered, closed-meeting SCAM to me. 338,100 shares = 6 million!!! to simply issue new shares? What CEO would agree to that price? A weeks work for these guys. Value is now 25 million (assuming they haven't already sold). Check the IPO percentage and see how many companies have paid 20% to spin off an additional 10% of existing shares?(they had 18mil, issued 2 mil). CNGR surely is looking to unload some,if not all of its 222,222 holdings for a possible $16 mil gain.(again if they haven't already).
Pure and simple market manipulation, these guys are CROOKS with ties. Believe what you want, but coming from these guys, under these circumstances...I smell a RAT. And too many people with too many reasons to SELL. |
