David:
I wouldn't say that every move up was met with a large sale. The offer was repeatedly refreshed with 3-10,000 shares, which kept the price from moving very much during the day. At 2:37pm eastern, 44,900 shares were sold at 1 1/4, which probably had the desired effect of both lowering the price and scaring some people into selling. As of the close today, the support was at 1 3/16. Try a chart with a 5-day moving average based upon the close. I wouldn't be surprised to see 1 1/8th again, but I keep buying. When I think about how this stock might perform in the relatively near future (I've been in and out since before the 1995 disaster), I can't help but continue to buy. The only thing I am doing is keeping away from any forced sales on a margin call. With the infusion of cash from Inrange and the new switch, I have to believe this company is not going out of business and, were it not for the conversion of preferred shares, believe we would easily be north of $5 by now. Having suffered in the past by good news that didn't translate into dollars, being able to buy at this price after real ($$$) news is a knock at the door I intend to answer. Good luck. Bob V.
P.S. Does anyone know of an authoritative book on the conversion of preferred shares and how the "game" is played by the pros???? |
