First Iron Compass dumped all their holdings in 1 day.
Then Celeste and Endeavour come out and advise a drop below 5% (presumably fully exited too).
3 instos all out on the same day is very strange.
On the flip side someone is mopping up these securities and the price hardly moved on such massive and aggressive sell down. That's a positive.
I'm going through their report with a fine tooth comb. I think the equity reserve for the Sankaty loan seems a bit low at 7.96m. That's roughly 37m x 19c when the deal was executed last Sept. But 37m of warrants one for one with shares at current price is $23m. The warrants come out of escrow on 12 November 16. Isn;t this almost triple the original dilution from the original deal date? Or am I not understanding this correctly?
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