...IMO the majority of shareholders have held for a long time so add in the 50% dilution at .90 and most shareholders have a cost below the .90 level....

The above statement is not logical or realistic.

In May/June 2009 only opportunistic traders who jump in on the dilution news and bought the CLL shares on the open market made short term capital gain.

Most of the new 220 million shares were slowly unloaded to individual investor at much higher prices ($1.2/$1.3).

In the process institutions took their 5 to 7% commission and 25% capital gain by selling millions of CLL shares at much higher prices then their 90 cents cost.

Sugesting that long term sharhlders gain 35.5 % in this process is simply dilusional.