holding on , page-19

Definetly looks like the buyer is back. When looking at the large holders estimated average price, the floor is definetly in:

1) Delaware (.15 - .20 average price?)
2) Apollo (.25 per the anticipated transaction)
3) New Buyer (has been accumlating between .28-.32)
4) LHP Management ($2? Can't remember exactly what the transaction was done at but something around that)
5) HFA Management (Does anybody other than Spencer hold any stock anymore? $1.20, was the IPO right?)

The last two groups obviously are incentivezed to the share price back up to where the originally acquired it from. Interestingly enough Apollo's strike price prior to dilution is around $2-$3.

So you have five large shareholders, none of theme will be selling anytime soon, in fact shareholders 2,4,5 are effectively locked to holding the stock. On top of that the sheep (i.e. retail) appears to be shook out of this stock. Overtime, a buyer like the one we are seeing now will not be able to come in and take small blocks off the market to quitely acquire without moving the price as the stock simply won't be for sale.

***These are all rough numbers, I did this quick and off the top of my head, I didn't have time to go back and tie out exact figures to documents, which can be done with time***