Huge overhead supply of COBR stock being offered at $1.35. Not showing on the ask. Dark Pool. Been offering shares for at least the last week or so. I'm thinking Franklin Resources is the one selling. They were last reported as having 540,000 shares....and it appears about 100,000 have been "worked through" already. There could be a LOT more to go, if it is Franklin. My research notes that they bought about the first HALF of these shares in late 2006 through the first half of 2007 at like $8-10. They haven't bought any shares any more recently than the quarter ended 9/30/08. (Their share position has been constant at 540K since 9/30/08.) I figure their average cost might be somewhere around $6-7.

Maybe they got a new fund manager, or something, or they are spooked by the deterioration in COBR's balance sheet over the last year or so, and they are looking to get out quick? I don't think it's a wise move. The company seems to be at an INFLECTION POINT, in my view, based upon management's outlook in the conference call a week or so ago. But whoever it is, is apparently (in my view) not doing their homework, or not sophisticated enough to look beyond the 9/30/09 numbers, to the future.