Thanks for the post, Chauncey.

Even though this post isn't about the current "hot" topic the BB, I have been thinking about Cliff's selling of ZEN shares this weekend. I was comtemplating the fact that Cliffs' held warrants for $1.50.

Now. I may be oversimplifying the matter ( and I hope that I am not being repetitive) but it seems to me that if I held warrants at $1,50 and I coud sell shares at $2.00, I would do it all day. In fact, I have often read of warrant holders that sell shares just to acquire the funds to buy the (lower-priced) warrants.

It also makes good sense that Cliffs has been selling in "dribbles" (compared to their overall position) in order to not drive the price of ZEN too low. After all, they want to make as much as possible on the front end of the transaction. In addition, they have, as you just pointed out, now reduced their position to below the threshold for an insider (and received a lower visiblity).

It does appear that some others have used the Cliffs' trading tactic as a vehicle to attempt to drive the price down further (for their own purposes). While that has to piss off Cliffs (who wants to make as much as possible on their sale), it does provide folks like me a chance to get some more shares at a bargain price.

Thanks for for the sale price. boys. See you at the buy-out.

- panamax