To: Scott Reynolds who wrote (7591 ) 6/12/1998 8:40:00 PM From: Ice Cube Read Replies (3) | Respond to
For everyone that has forgotten, look at the form 10 on starting on page 25 I think. There it shows that over the past 12 months this company issued around 3 million shares to Thomas Kerigan (splelling incorrect I am sure) over the past 12 months. The 504 placement has a 12 month restriction on it, but if it is offshore (this includes canada) it can be traded. Don't argue "It's against the law" and all that, just trust me, it can be traded. So, you are facing 3 million shares for sale. Remember, the stock was placed at .25 to .50 cents a share, so they are sitting on a nice paper profit. This is the stock that is being traded against you. If the company can't admit that to you it's because they run their market as well as they have been running their company - without a clue. You can blame management for the smart moves they made raising money. Blame them, not the MM's or "short" players. You now have an overhang of 3 million shares, whether you like it or not, and all the market makers read the form 10, so they know 3 million for sale. Even if the company makes some money, there is still 3 million for sale. Now, I will bet you that the company will say that Kerragan in on side, they are not selling, blah, blah, blah. Well, from my own experience, THAT STOCK IS FOR SALE. has been, and will continue to be. The McFools (TPI management) is without a clue as to what is going on in their market. Maybe by miracle they earn enough to bring in large buying to offset 3 MILLION SHARES FOR SALE, but I would assume that this will take a lot of time. Great job TPI Management !!!!
