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As long as Dan Meyers continues his ridiculous attack on SA, it is our responsibility to share information about Meyers that tells the truth about who and what we are dealing with. And a huge thank you to those who continue to support us via the SA Legal Fund. It all adds up and we are getting in shape to fight this fight. And win.

First Marblehead Corp. (NYSE: FMD), the company started by the same Dan Meyers who is suing Sailing Anarchy, and who is also being sued for Federal Securities Violations  is asking its stockholders to help the company avoid delisting by approving a 1-for-10 reverse stock split.  (And thereby avoiding becoming what is known as a Penny Stock – ed.) The Boston-based student loan company’s stock is currently trading at 80 cents a share. The proposed reverse split would boost its price to $8.50 per share. That should be “sufficiently above the $1 minimum” required by the New York Stock Exchange “so that we would not be faced in the future with delisting for failure to meet this requirement,” the company wrote in a regulatory filing.

First Marblehead has scheduled its annual shareholders meeting for Nov. 12 at the offices of law firm WilmerHale in Boston. Shareholders will be asked to vote on the reverse split at the meeting. Story thanks to the Boston Business Journal.

FMD is currently authorized to issue up to 250 million shares of common stock. The split would cut that authorization to 25 million shares. The company only just regained compliance with the NYSE’s $1 minimum listing requirement in the spring. But disappointing earnings and an announcement that an IRS audit could put First Marblehead on the hook for $300 million sent FMD stock back below the $1 mark. The company has put no money in reserve to cover the IRS bill should it come to pass.

 

September 17th, 2013

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