Robert,
I don't know what the HELL is happening. It p*sses me off as well. What I know is that the company already qualifies for the Section 29 Tax Credits, (They actually contacted the legislative staffer that wrote the provision), and that obtaining the private letter ruling is merely a formality to prevent the gov't from later coming back and saying GRNO doesn't qualify. If you have the IRS ruling in black and white, then it would require revision of the Section 29 code in order to deny them to the company. This is basically obtaining hard copy confirmation of something they know they already qualify for.
Spencer uses the analogy of Section 8 housing tax credits. So long as you meet the requisites of this code, you can claim the tax credits. You do not need a private letter from the IRS saying you qualify. That would come about in an audit if the taxman felt you were violating the spirit or letter of the law.
GRNO knows they qualify. In fact, Spencer faxed me several responses they have had from the Vice-President, Al Gore, who as we all know is VERY environmentally minded. His office has been notified of this technology, and has provided several VERY positive responses from his office. I will see if Spencer will let me type them in at a later date so you can all see the verbage as well.
To paraphrase Peter Lynch, if the company was a value at a higher price and the fundamentals have improved, it must an even better buy at a lower price.
I know what I'm invested in so I'm not worried one bit. The market can play all the games that it wants, but eventually the stock will have to respond.
If you were a mmkr or brokerage who had guessed incorrectly on the virtues of a company, AND you wanted to snatch up some of the stock, what would you do?? I believe that you would want to find a way of shaking out the current shareholders so that you could accumulate their positions. Why? Because these guys make money the same way you and I do. If they don't have inventory to sell you, they have to try to scare you into selling. Boom!! they have your stock usually at a loss to you, and they can position themselves to turn around and sell it to someone else at a higher price when they are ready to bump up the bid/ask. Contrary to popular belief, the stock market is not an efficient example of the rule of supply and demand. It can be manipulated either to the positive or negative.
I feel for the mmkrs who didn't do their basic research and jump at the chance to accumulate their GRNO positions. However, I don't plan on selling them one share of my stock at a discount.
Why?? Because I have done my research, and I know what I'm holding. If you are solely holding GRNO based on my opinion, you are doing yourself and the company a diservice. Do your homework... I've spent and continue to spend a chunk of change calling Spencer and Bill. It is worth each and every penny.
Regards.
Ron |
