The money changed hands for the notes in 2006...it's all gone now...they don't get anymore...only transaction is Merril Lynch get the shares.
We'll see if ML has been dumping or holding one way or another very soon. June top 20 they held 30.5M, they just got another 26.8M, gives them a bit over 57M. 5% at new issue total = 55.5M. If they've held since June, we'll see a 603 (becoming a Subst H) very soon.
If they've been selling, we'll see in the 3Q report in about 3 wks what the damage is. Ditto Morgan Stanley, unless we get a 604 from them beforehand.
As for being a bagman, they'd only hold around 10% of the co. if they had their full 114M quota from the conv notes. Even if they joined forces with Morgan Stanley, they'd still have less than 20% (about 18%)...unless of course if they bought a heap of the shares dumped in panic the other day!
NDO Price at posting:
15.0¢ Sentiment: LT Buy Disclosure: Held
