To: FTJoe who wrote (18674 ) 11/16/1997 12:30:00 PM From: michael d kugler Read Replies (1) | Respond to of 55532
Let's put an and to the "misleading" then. The reason I put those numbers up here is simply to let you know which shares might have been identified as 144 stock. Now Riley says that there are 1,571,081 (144) shares, implying that they are locked up. The S-8 says that out of the 2million shares registered, at least 1,656,680 were issued for compensation.(and the remainder by 5-16 I think) Now, if these were 144 shares, wouldn't they ALL still be locked up? If some can be sold into the float, why not all? No one has ever questioned Riley as to where he gets this 144 number. My point in showing the pre-split shares and the resulting post split shares is to show you all that these could easily be the shares to which Riley refers, and they are all either off or coming off restriction. If Riley is wrong about that number, and all these shares wind up in the float, plus the new shares potentially coming (or even out there already) from the acquisitions, there is no squeeze. The half a million shares or so which would be demanded at this point could easily be coming out already. This could account for the increase in shares. So when Riley says these last 300,000 were acquisition shares and that they were 144 shares, he could be right (they WERE) But they could be coming off restriction now, and added to the float. Bear in mind also that Riley asks you all to believe his 2.9 million original foundation numbers. Yet, they believe in his cause so much that about half have actually requested certificates. I wonder if any of these have not been adjusted for the 1-30 split. That would be a killer, if these guys might have inadvertantly left out that fact. It looks like we could have 4 million shares out there, just like Riley says, but the big question is how many are locked up. Morgan and Breton say they only own 300,000. Where did the rest of the 2 million go? Into the float perhaps?