"why would warrant holders short the stock. Are they not shooting themselves in the foot. Sure, they are coverred at 85 cents but they are also giving up their windfall."
Who mentioned warrent holders? If you look at the financials (do you do things as mundate, but useful, as that?), you'll see $2.5 million broker warrents which expire in June and July. You'll see 600,000 plus shares issued for property purchases. Dead money, so why not presell before the halt?
You won't see the almost 3 million shares sold by Callaghan-related entities in private transactions...but they're there on Sedi.
The MooCow report came out on but, in the week or so prior to that, BGM paper was available in the 40's. A week or two after the MooCow report, paper was available for 70cents.
In the the week or two before the 45-day period ran out, BGM paper levitated (on hype only) to $1.22.
On a propenderance of probabilities, should the stock open at $1.20 when it trades again, I'd bet that it'll be back down to 70 cents again as the buck-plus bagholders, etc. get out as they'll have had almost a nine months of underwater prices and the CTO halt.
And...if you're figuring on gold pours to levitate the stock
1...the stock is CTO'd
2...there are almost 110 million shares out