Packers sell roughly two thirds of available…

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The glass is either two-thirds full. Or one-third empty. Either way, it’s not full.

The Packers announced on Thursday that they sold “more than 198,000 shares” at $300 each, in their latest stock offering. Along the way, the Packers added 176,160 new shareholders.

But here’s the rest of the story. The Packers offered 300,000 total shares. So they sold fewer than two thirds of the available shares.

It’s unclear whether they projected or expected to sell more than 66 percent of the shares. Regardless, they didn’t. More than 100,000 shares went unsold. Unclaimed. To the extent that their non-stock stock is a money-for-nothing proposition for the Packers, for one of every three available shares, they got nothing for nothing.

The Packers claim that $65.8 million was raised, the math (198,000 times $300) suggests $59.4 million. The higher number apparently comes from the $35-per-share “handling fee” for creation of the piece of paper documenting the non-transferable share of stock.