1. A Passionate Army of Shareholders Has Shouldered MoviePass’ Massive Losses, as its Leadership Feeds Them Empty Assurances

    A Passionate Army of Shareholders Has Shouldered MoviePass’ Massive Losses, as its Leadership Feeds Them Empty Assurances
    • MoviePass and its parent company, Helios and Matheson Analytics, have covered massive losses by selling new shares of stock to a passionate base of retail shareholders.
    • At a special shareholders meeting in July, Helios CEO Ted Farnsworth characterized them as an “army” and stressed that he had their best interests in mind, while seeking support for measures he needed passed.
    • Within days, several assurances Farnsworth made at the meeting started to unwind...
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    1. The institutions on Wall Street, they're big boys, they make money, they lose money.
    2. The five billion was for the reason we didn't know if the reverse would go through — if it wouldn't, whatever — that's why it's such a large number.
    3. I don't think any of them thought [the dilution] would happen so fast.
    4. No one gets more diluted than I do.
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