On the fligpside, the .048 offer was open to all qualified investors if I recall correctly.
C.
I do not believe this to be the case. Please show me that it is, so that I can correct my public statements, if necessary.
It's true, I contacted them and was sent subscription information. There are rules about companies soliciting for rights offerings.
I'm watching something similar in Aztec Land and Cattle. They held a rights offering last year, and one this year. To an outside observer it's just happening. There are 'special' stockholders who are backstopping it. But I also know that anyone accredited can subscribe, but you need to call the company and let them know you're interested. The backstock shareholders were just a few individuals who were in contact with the company and in a position to move on this.
I'll say this on the situation. I think optics matter, Inelegant from your vantage point you have a lot of well founded points and I understand your perspective. I've also seen how the sausage is made so to speak and see the other side.
If this was a vanilla company where I didn't know the people involved personally I'd be very worried about perceived red flags. But after seeing behind the curtain I understand what's going on and I don't have the same view.
I don't want to speak for Steve, but I think they're doing their own filings. My guess is they're overly conservative in what they're releasing because they don't want to find themselves in a legal nightmare regarding disclosure.
In the end everyone needs to make their own decisions. I agree with Sanjeev that most outside investors underestimate the amount of work anyone running a company has to do. It's easy to pick apart what a company is doing from afar, but when actually in the weeds it's difficult to keep all the balls in motion.
Just to clarify, are you saying you received subscription information for the first offering or the second?
In the Aztec situation, they proactively reached out to shareholders to see who might be interested in participating. Even shareholders with very small stakes. I appreciate your understanding. The real tragedy is how unnecessary this was. They could have accomplished exactly the same things while being respectful of all shareholders. That they chose not to is, in my mind, quite telling.