Management of FAC has proposed a huge increase in the number of authorized shares and a sale of 21 million new shares of stock at $9.50 (with some performance guarantees)to Prometheus Southeast Retail. The stock would give Prometheus controlling interest in the company. The sale is up for approval at the Aug 5, 1998 annual meeting. What do you think a sale of this kind likely to do for the present shareholders? Is it a prelude to other interests sucking out the assets of the company?
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