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Strategies & Market Trends : Shorting stocks: Broken stocks - Analysis
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To: schadenfreude who wrote (1483)7/29/1998 1:01:00 PM
From: drakes353  Read Replies (1) of 2506
 
Otaku:

The folks at MG have been smoking crack. Take a look at the 10Q for the quarter ended 12/31. It showed:

Cash: $2.6 million
Shares: 3.0 million
Cash per share: $.86

Now that's not the most up to date number. Couple of things have been going on.

Did a Reg D at a 40% discount which raised $6.1 million and added 1.2 million shares to the total. Also just reported a $2.8 million loss for the Q ended 3/31. Let's say they lost another $2.8 million in the Q ended June. Here's a guess as to where we stand right now:

12/31 Cash: $2.6 million

Reg D: +$6.1 million
3/31 Loss: -$2.8 million
6/30 Loss: -$2.8 million (guess)

Cash as of 6/30: $3.1 million

Shares as of 6/30: 4.3 million
Cash per share as of 6/30: $.72

drakes353
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