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"Oopps", a little typo in my previous post. "subsequent 'debt' issuances", should have read "subsequent share issuances/offerings".
Sep 03 03:03 am
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All Comments by Delojozafado »How to Invest in Cellulosic Ethanol [View article]
Well then it happened with VRNM. As I had pointed out a reverse split of 1:12 was approved at Monday's annual meeting. In addition the "option swap" of worthless options for the highly compensated top level management in this micro cap company, for new options instruments with equity created out of shareholder equity was also approved. VRNM saw their shares fall off more than 7% in after market trading to 55 cents. That is down from the 65 cents they closed near last Friday.
Amazing that the Obama administration's DOE would grant loans/loan guarantees/&/or grants to this company where in a Merrill Lynch/BOA type of scenario TAXPAYERS MONEY will be diverted as BONUSES into the pockets of high level management that have so miserably failed in the management of the company that they now have had to resort to a reverse stock split! Obviously no one in the Obama Administration is paying any attention to these low level small company chiselers.
You have to wonder how many hundreds of these kinds of scams there are going on out there! The Obama Administration is legitimately trying to get the economy going by helping out these outfits who in the end, each provide employment for hundreds of employees. I guess it is like food stamps . If only 10% of the food stamps are used to buy Lobsters & Steaks for someone at 80 cents on the dollar so that the person in that way 'selling" their food stamps can buy cigarettes and beer with the cash, at least 90% of the needy are actually getting the help they desperately need?