From SBX's annual reporting, there were:
20.6 mill common shares, of which 2 mill owned by insiders
5.2 mill convertible preferred shares, owned by Triax
7.0 options and warrants, of which about 2.5 owned by insiders
TK has a vp on the BOD who personally hold insider options. If TK doing most of the selling, could assume that TK's selling on behalf of insiders... making quick profit, exercising options at 13 cents or so, and selling at 0.50 to $1. Before this deal, 870,000 options were granted to insiders at exercise price of 13 cents. Very likely, all of them have taken easy profit.
Probably Triax has also sold to recover their investment.
So, quite likely, most of the shares now already transferred to day traders and speculators based on the sex appeal of internet commerce stocks.
SBX is worth $2 million cash, plus tax loss of $8 million (based on $16 million deficit in books).
If CD Plus owns 90% of SBX , then about 270 million shares will have to be issued, bringing a total of 300 million shares. They could consolidate 10:1 to about 30 million shares.
What is CD Plus worth based on internet sex appeal? |
