Ann: Convertible Note Offering, page-88

Yes, "were" being the operative word.

Quite remarkable, really:

Just because of an isolated technicality in which certain parties - for their own particular reasons - happened to exchange shares at a certain price one day, in a transaction totally unrelated to the fundamental valuation of the business, the market for a few days chose to value the business some 8% lower than it did immediately prior to that isolated transaction.

That's a bit like me transferring some of my shares in a stock from my name, to my wife's, and at a price that is different to the market price at the time, and for the stock price to then tend to whatever the transfer price was, between my wife and I.

Dickens' Mr Bumble (in Oliver Twist) famously lamented, "The law is an ass."

Had Dickens been alive and penning novels today, he would surely have substituted "stock market" for "law" in his contemporary writing.

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