As I stated before - there are 2 clear pathways for Joey to take soon IMO, actually 3 but the third makes no sense:
1) Joey sells to PE or a strategic investor who has been accumulating now for over 2 months. He sells 25M of his personal
shares for say 18 cents and gets $4.5M to exit. Joey still retains approx 1.3M shares as well and negotiates an annual consulting fee for X number of years.
The buyer has already amassed 7.3M shares (5% of current o/s) of GIGL at an avrg of 3 cents per and spent exactly $219k. He/She also brings $1.1M to the table in order to finance 3 locations (build-out costs). So to get the 32.3M shares, he/she spends 219k + 4.5M + 1.1M = $5.819M total.
PPS skyrockets to mid 20's on expansion news of 3 locales, a brand new CEO, and a cancelling of the rights offering !!! At just 25
cents, strategic investor (who owns 5
locations now) also has a worth of $8.075M on paper or a PROFIT of at least $2.25M !!!! All within a month
2) If Joey can't see the light and his ego gets the best of him, then his second option is also very simple...let HIM put it on HIS back and not the shareholders for the mismanagement and unkempt promises he
has made (like multiple locations by end of the year and Bahrain closing in Sept etc.) Let him sell his mansion, pay off remaining mtg due, and take at least $850k of proceeds to fund the 20% buildout costs for 3 new locations in cities that have a much lower cost of living. Let him rent for a year and then he can maintain his "CONTROL" and sell a few million personal shares to buy a brand new home when PPS appreciates. PPS would indeed rise because of expansion news and dilution avoidance.
3) He can Continue to hype expansion, which never comes...continue to publicly state that mall operators are rolling the red carpet out but nothing ever happens, and raise maybe 600,000 from a sub par rights offering that goes off at 2 cents and causes alot of unnecessary/stupid dilution. He can retain control of a stuck company and basically hold a bunch of worthless shares that likely will hit trips. People can say - Oh what could have been Joey