IS FWEB SUCH a COMPELLING SHORTING OPPORTUNITY??...
1) CEO Kevin Lichtman PUMPED and DUMPED a stock called DRIP:
Message 9291640
2) FWEB used to be AXXESS. Link on alleged manipulation of its stock:
businessweek.com
3) Former employee reports FWEB uses PIRATED SOFTWARE:
ragingbull.com
ragingbull.com
ragingbull.com
4) Story independently confirmed by other employees:
ragingbull.com
ragingbull.com
5) $50 Millions (meritorious, IMO) Law Suit filed by ZSUN against FWEB:
biz.yahoo.com
6) Financial position, from 10SB filed on Freeedgar:
+ Outstanding shares: 7,653,000, plus numerous Warrants, Options, etc...
+ Balance Sheet: ZERO, as the $1 Million in Assets balances $1 Million in Liabilities
+ Market Capitalization: $ 94 Millions, more or less...
+ 1998 Losses: $1,268,000, on $159,500 Revenue, up from $373,000 in 1997.
6) Conclusion:
FWEB reminds me of poorly constructed House of Cards ready to tumble, at any moment. IMHO, fair value, as I see it, could be in the $1.50 to $3.00 range.
7) Disclaimer:
This is my opinion only and I have no position in FWEB. The foregoing represents a recap of my research on FWEB, intended for my sole use. Therefore, this is not posted for investment purposes. Some of the facts and figures may well be erroneous and thorough Due Diligence Must be carried out.
Regards, F. Goelo + + +
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