""("but I’ve been told it’s very similar to the financing he did...

""("but I’ve been told it’s very similar to the financing he did during his short stint as Chair of ADY (convertible debt with 12% coupon and converted to equity at a 20% discount! Ouch).)""

Dear oh me CB, In case you don't know it, there is a hell of a lot of difference between shares issued at 20% discount and dilution caused by someone wanting (pretending more to the point), to bring in $131mill dollars in exchange for equities.

Firstly one has to work out how many shares this dreamer is demanding, and then you will have to add the extra shares which he/she/them will demand in lieu of the 20% discounts.

So, lets say they will be happy at 10 cents per share, (Yes Dream On), for the $131mill dollars they will demand not less that 1 billion 310 million shares. And then you will have to calculate the 20% discount which will come up that they will demand not less than 1.637, 500,000 shares. ( $131,000,000 : (1ocents -20%)......................Yes that is 1 billion. 637 million, and 500 thousand shares mind you. That will bring us to more than 2 billion shares on issue ( about 4.and a half times more shares than what we have now), and don't forget that the poor long term shareholders went through another capital reconstruction before.

And that is, if the shares will remain at 10 cents after the Board Spill. Imagine if they are to go down to say 7 or 8 cents..............well mate I don't even like the thought of it because it would be just disastrous.

Talk about dilution, But for the ones which only want to get into the Board while non been shareholders, they couldn't care less as they will not suffer from the dilution.

Perhaps a short term accounting course, or investing in a share market "NOT ON A SHORT TERM TRADER'S BASIS" but on long term basis like many are here, would clear that part and possibly learn something out of it.

Once again CB, may I suggest to you that you read your post in full before clicking on the "Post Message" button.??

It would save a lot of questions and answers, and allow everyone to concentrate on more serious issues. Just like the one just facing us.