Samuel,
Looks like our "new" story is beginning to unfold.
Some OPINIONS only, so take this as FWIW:
From SFDA 10-K last September, 4.0M "restricted" shares were issued to
founders, insiders and promoters in April, 1995. From reading this
document, looks like everybody including the cleaning lady was good
for at least 50K shares.
Recent press release called for some 1.8M shares to be cancelled. From
what I understand, final tally may be even greater.
That still leaves lots of loose shares which have outlived their
2-year restriction on selling.
That may be the reason for the stock activity of the last few days,
which I'll summarize because I have nothing better to do right now <g>:
5 trading days ended June 16: Volume = 18K (<4K/day)
Closing price June 16: $.34
5 trading from June 17-23: Volume = 1018K (203K/day)
Closing price June 23: $.26
A possible scenario: Much of this 1+ million shares may have been "dumping"
prior to culmination of share cancellation. Sounds as though this
cancellation is close to complete.
Trading activity these last 2 days has seen no major dumping, as 2-day
volume has averaged 98K shares (79K & 118K) with an increase in price.
Still seems quite possible that many shares may remain in weak hands,
so I don't think we can exclude the possibilty of more dumping.
Over the long haul (which is my objective here), who cares?
IMHO, we've got a good one.
The fact that Messrs. McMillan, Friedenberg & Dowe are running a little
AHEAD OF SCHEDULE only helps me to sleep better.
Seeing as how I'm planning on the long haul for this one, I probably
won't be posting much, only if I come upon some new "revelation" (which
ain't likely to be very often).
If you'll send me your e-mail (mine is DW85@aol.com)we'll keep in touch.
Good luck,
David
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