An irreverent look at Wall Street
On September 27, 2010 5:12 PM, Palmoni said...They're not at .14. You take the cost that you paid for your shares, and divide that by 1.5--and you convert your shares into the new company. Thus if you bought 1000 shares at 7.5, you would own 5000 shares at 1.5--of the new company, that has an implied value of 3.What new company? Minatura International LLC (MINTL)?That isn't a new company.Can someone please come clean here? We've got Palmoni and others insisting MGOL holders are being made whole:On September 27, 2010 3:09 PM , Anonymous said...I got in touch with one shareholder who already received their new stock certs. Said there were no surprises, but I guess we'll see for ourselves.On September 27, 2010 6:10 PM, Palmoni said...In fact, right now you have a double on your invested capital. I believe Gil at Minatura will be able to help you convert.On September 30, 2010 8:33 PM, Anonymous said...Hey Palmoni, I just received my physical certificates as promised! That was one hell of a trip not knowing what would happen, but now I am happy :POn October 1, 2010 4:53 PM, Anonymous said...so for us common holders of MGOL...what do we do? do our shares convert? are they worth nothing and disappear?On October 2, 2010 9:27 AM, Palmoni said...your shares are now worth the cost that you paid for them..when the next funding gets done at $3 versus $1.5 you will have a double on your original amount of $ investedOn October 5, 2010 6:56 PM, Anonymous said...P - in order to get your shares converted for the columb co do you need to invest more money? October 5, 2010 8:07 PM, Palmoni said...noYet we still have people, myself included, asking how we manage to have our shares converted. And converted into what specifically?To my knowledge there were only 42 MGOL shareholders on record when the shares were delisted. Presumably, most of these we're insiders. Plus Palmoni and a handful of followers of this blog.It certainly appears some of these non-insiders are now sitting pretty.
Minatura International LLC is a new company--It is private, and instead of the 88,000 acres that MGOL had, and besides ownership of MGOL it has about 688,000 acres of landIt is new in that it is not a public company, but it has a valuation nonetheless, as private placements are being doneMINTL has as its banker, BNParibas
so what happens to the MGOL shares?
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