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BANY a prime example of what goes wrong with a lot of these companies that gets into the toxic financing.
484 million o/s on 11/10/06; 2.483 billion by 5/11/07 and 4.95 billion by 7/5/07. Now 5 million shares away from maxing out the 5B authorized and you can see why BANY is asking shareholders for the 1:100 reverse. They don't have a long history of reverses with only a 1:20 in Dec 2006, but the recent past and still over $5M in shares to be converted says to me that after the 1:100, they will issue a quick 4.5 billion shares (post reverse of 50M shares back up to the 5B authorized) and the price will go from $.02 right back to triple zeroes. Business may be picking up, but the share structure says buyer beware....
-------------------- I may be wrong, but I don't think so.... Posts: 837 | From: Madison, WI | Registered: Sep 2005
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Oh, it's worse, they are also voting to increase the authorized to 40B, so in effect it's like a 1:800 reverse. This stock can't go anywhere with that kind of expected dilution.
The Gelmon Bros have run this into the ground. On the plus side, they were buyers of the stock a few months ago at .0003
-------------------- I may be wrong, but I don't think so.... Posts: 837 | From: Madison, WI | Registered: Sep 2005
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FORM S-8 BANYAN CORPORATION Common Stock, No par value, Under Legal Service Agreement 4,000,000 shares $.02 $80,000 $2.46
Common Stock, No par value, Under Legal Service Agreement 4,000,000 shares $02 $80,000 $2.46
Common Stock, No par value, Under Legal Service Agreement 6,000,000 shares $.02 $120,000 $3.68
Total 14,000,000 shares $280,000 $8.60
(1) Calculated based on Rule 457(h) based on the closing bid price of $.02 on September 5, 2007 (after giving effect to a one for one hundred reverse stock split approved by the shareholders on September 4, 2007).
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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13:32 9/13/2007 BANY Banyan Corporation (OR) Common Stock BNYN Banyan Corporation (OR) New Common Stock 1-100 R/S **
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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