Here's a bit of info for you folks AlertLine has alot of info on IGCO as well as others there address is microcapstocks.com
Heres the latest I got from them:
4/1/98
7:00 am MTN
Sorry this is so late, I just had another wonderful experience with my computer locking up,and I lost about 90 minutes worth of typing. Today this computer will become a lawn ornament in my back yard. Time to buy CPQ I'm buying a new computer!
Anyway. We talked to a PR person for IGCO yesterday. Question of the day of course was, "When can we expect this Bateman report?" I will first answer the question that you will have after reading my explanation YOUR QUESTION: "So is this good news, or bad news?" ANSWER: It's great news.
As you remember, when we broke the news of the results of the ISL leaching tests, after our visit to the company's due diligence meeting in Vancouver, the only "hang up" was the fact that there were no fire assay test results to accompany the ISL test results. We heard yesterday that his has been resolved. The fire assay tests that have now been done are satisfying Bateman, enough that they will be comfortable putting their valuable name on this report.
In our opinion, this is the reason that this has been a $2.50 stock and not a $25.00 stock, as we feel it should be, based upon the gold values present in the assaying and the sheer size and scope of the deposits estimated based upon the previous drilling overseen by Bateman. We were told yesterday that a very enthusiastic Dr. Merhtens (CEO) was trying to "massage" (hurry along) the report out of Bateman. In our opinion, this basically has been the hold-up, and now that this has been resolved it should not be too much longer before we see this release. Additionally, we have heard rumors that final details of an extensive capital influx, which will provide financing for the Blackhawk projects is close to being announced. As we say, more fuel for the fire.
On the trading front, those of you who follow the details on our webpage, will know that our arch-enemy over at Meyersohn, "Bobo" as he is affectionately known on the street(Butthead, as he is known in our office), had been on the offer at $2.50 for the last several trading days, selling (short undoubtedly) upwards of 100,000 shares at that level.
Yesterday afternoon, he finally moved up a tick to $2.53. What is interesting is that we heard from one market maker yesterday, who has seen Bobo in action before. It appears that Bobo has now brought in another market maker who shall go nameless because I respect the firm-there is however, a bad apple in every bunch.. But apparently the last time anyone saw Bobo bring this guy in was a couple years ago when Bobo got himself in a ringer, short selling a little company called Quigley Corp.(QGLY) At that time, Quigley traded under the symbol (QUIG). In fact, for those of you with AOL you can pull up a custom graph of (QUIG) inputting the dates from 1/1/96 - 2/1/97. In a nutshell, here's what happened. The stock treaded water trading on the bulletin board around $1 for quite some time. In the fall of 1996, Quigley announced that they had a product effective in treating the common cold, a Zinc lozenge (you remember this?). That news enticed the public and the stock moved to the $3 - $4 level. Of course Bobo, being the rocket scientist he is,shorted more, and more at $7. The result, in a scramble to cover the already gigantic loss he had created by shorting the stock, was that the stock eventually went to $36+ on an intraday basis.
Currently the stock trades on NASDAQ around $11 post split under the symbol (QGLY). As for the lozenges, I have a full package of them in my medicine cabinet, and I still think they taste like shit.
So for those of you who still ask why we "mess" with these little stocks, this is yet another reason.
Keep the faith!
Were going to win this one! |
