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Gold/Mining/Energy : Colossal Resources - CLPZF - Colbalt in Zambia
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To: Francis Scavo who wrote (473)7/28/1998 11:34:00 AM
From: Jordan Electron  Read Replies (1) of 501
 
If Dil Gujral sold off 5.5 million
shares, after recently requesting
the 20 million share authorization,
he might be violating a NASDAQ rule.
I am not real expert in such rules,
but I had read that various firms
were supposed to maintain a value
of over $1.00 per share. Hence a
number of firms have started to
reverse split their shares, to be
out of the "penny stock" range.
Dil seems to have used the reverse
split to dump shares on the market
while one of his secretaries, Teresa
Jacobs, helps him, by telling callers
that "it is a good time to buy", giving
no indication of such a share dump.
The resultant share price collapse
sure is not a good time to buy. Her
boss, Dil, just wanted any excuse to sell
for whatever money he could raise? Would
one of these new exchange rules require
Dil to buy enough shares back to get the
price back over $1.00 per share? That makes
it a two way street that many firms operate
with, instead of a highway robbery! Example:
right after the reverse split of 1.0:7.5, the
shares sold for $1.75 per share, then rapidly
dropped to $0.25.
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