The Company has recently posted several news releases regarding CRIC, Mohamed's criminal past, transfer agent resignation, etc. During the last couple of weeks I have had a difficult time assessing the current information. To tell you the truth I could not figure out for certain what to believe and where this Company is heading.
So during this week I sold my position in GIFS. And here is why:
1. I have heard from too many people who have visited the Motorsport sites that there is no construction taking place. In the "Stock-line" interview, Mohamed said that they were nearly complete. Perhaps they have had delays or the people are visiting the wrong places, but the inconsistencies make me uncomfortable.
2. There has been no mention of the "Audit" progress. At least I expected an auditor to be announced. Even if the work has not been completed or initiated.
3. An undisclosed criminal past. If the CEO of Motorsports resigned
because of his undisclosed criminal past then why is it okay for Mohamed?
4. I BORROWED money to buy this stock. Once I realized how stupid this was, it alone was reason enough for divesting. Standing to lose on mad money is one thing. Standing to lose on money I don't have is another.
5. With the CRIC deal set for Monday, what if it does not happen? GIFS has had delays in the past. It seems like everyone's decision is hinged on this deal.
6. No updates on Miller Mountain and Imagex. I thought that we should have heard something by now.
For me the scale currently balances in the wrong direction. I started
investing in Genesis back in January, 1996 when the price was $5.25. I continued to average down and never sold until this week. I hope that we can soon find out that GIFS is making money and that the CRIC deal does all that it is touted to do for the Company. But until that happens I will stay on the sidelines. So, at the very least I will have my dividend.
I have been reluctant to post, because as you are all aware you cannot trust anyone around here. And as soon as anyone posts anything negative, they are attacked. I guess it is our instinct to protect what we have. And unfortunately it can cloud our judgement.
Since so many of you have been communicating with the Company regularly, someone else may be interested in taking over the distribution list. If so, please contact me.
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