cos1000, I am not saying I know for sure. It is just what I believe, is the reason he is giving for the dilution. Also I just wrote that at Seeking Alpha about the WSJ having this information when they put out the original article. Does anyone think they did not? I mean what a difference that information would have made in perception of the original article.
Also cos1000, we all know what kind of person Mel is from reading about him (he comes in and merges companies to get the value of it up then leaves (that was a quick overview)). Given the choice if he was thinking back in Dec. when Charles was asking him about a takeover, if there was a good chance that bankruptcy was a possibility then he would have taken the buyout/merger. Lets face it, it is a easy choice one makes him look like a genius and the other a fool.