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Not really an IPO, but if they merge into a reputable company, it will have the same effect.
Taken from IHUB Header:
This illustrates the value of owning a piece of this low float issue:
Market cap at Monday (12/3/07) bell close of .04 = only $148,000
When you have a moment take a look at CSBR. It is trading at a 40+ million market cap.. its has about 30 m o/s (9 times the o/s of GWOW) Went from .01 to 1.50 and is holding well...
Any private co merging into this will create at least a 4-6 m market cap, possibly much higher....
3 m market cap = .81 share price
4 m market cap = 1.08 share price
5 m market cap = 1.35 share price
6 m market cap = 1.62 share price
A 6 million market cap these days is considered very small, these are reasonable and conservative expectations....
If they were to merge with a firm that dictates a 20 m market cap this issue will be worth dollars..
Example.. 3.7 o/s shares, expanded to give the public shareholders a reasonable 10% of the merged company.. this would put the shares o/s at around 6 million or so....
A 20 million market cap would put the share price at an astounding $3.25+ ... hard to believe.. but it is simple mathematics... cut it in half if you believe the public would only end up with a low 5% - this still commands a $1.70 share price...historically speaking, it would be somewhere in between based on numbers from recent merger activity and transactions that are readily available to the public via filings...
This information as of Tuesday October 9, 2007
GWOW is the former Monarch Machine Tool formerly listed on the NYSE, symbol MMO.
The o/s is 3.7 m, the float is 500-600k.
GWOW filed Chapter 11 Bankruptcy in 2001. The assets were sold to a company that was named Genesis Worldwide 2 (GW2), GW2 is a separate operating entity that is legally unrelated to the shell being discussed here. This has caused some confusion of late as GW2 has been releasing news and some have believed that this pertains to the subject shell. Not true. Presently, GWOW is a shell.
On Friday, October 5, a huge amount of buying came into the stock and it trended straight up from below .01 to close at .08 - the high of the day, with little selling.
The Bankruptcy has been completed and dismissed, effective September 27, 2007.
Here is link to a copy of the dismissal order:
Months ago, National City Corp (Parent company of National City Bank, Cleveland, OH) filed an SC 13G with the SEC in February, 2007. For many years National City had filed and disclosed their ownership in GWOW. In this latest filing they state they no longer have their position. Legal counsel for National City when contacted would not comment on who received the shares or describe the conditions under which they were transferred. National City did not sell them in the open market, this is for sure, volume of this amount does not reflect during the time period in question.
Conclusion: The shares were sold or transferred to a private party(s) or returned to the court and/or a creditor in an off market transaction.
Link to the filing that shows National City disposed of their shares:
Interestingly, another subsidiary of National City (NatCity Investment Advisors) is listed as the investment banking advisor while GWOW was in BK. This subsidiary is one that would advise the court on subjects that would pertain to the disposition of a shell among other investment banking/public company matters. Keep in mind that it is National City who transferred their shares to some undisclosed party.
Link to copy of the filing that shows NatCity Investment Advisors, a “special situation investment banking consultant” as advisor to the court:
In addition, there is a revealing development that is found on the Ohio Secretary of State website. For months and months, the corporate status for GWOW was “canceled” or “dead” -- but now, the SOS site reflects that the corporation is now listed as “active”.
Here is a Ohio Secretary of State link copy that shows Genesis Worldwide now reflects as active:
The BK is finished and dismissed per the court filings. The GWOW shell may now be transferred or otherwise sold without further order from the court.
The corporate charter with the State of Ohio is suddenly “active” as someone is in process of updating the filings.
The shell is in the process of being utilized for a reverse merger.
The question that remains: Who is the merger partner and when will the public be informed?
It is possible that one of the private company creditors involved in the BK may be merging into the shell. This would fit with why National City transferred their shares during the BK - an unusual event that interestingly, people close to the situation will not discuss.
Authorized Shares: 12,000,000
Source: Filings and Legal Counsel
Outstanding Shares: 3,785,696
Source: Filings and Legal Counsel
Float: 500-600 k m/l
Additional information of note: If the float is indeed 600K, it is completely owned now TWICE OVER by 5-6 people -- based on what I know and what I have been told. Many others own shares as well, so if they merge, it will be interesting to see the stock price jumping by 10 cents or more at a crack, since there will technically be NO shares available to trade if these few people decide not to sell any before, say, $2.00????
I'm making no claims for this. Just putting it out there to let anyone investigate for themselves.
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