Rich,
I'm neither a bull or a bear on anything, except where due diligence, logic, and common sense send me.
INNN at the $8 5/8 high had a market cap of about $325 million.
No revenue. Maybe two employees beyond board members. Little cash.
CEO used to run a cleaning service.
I was a bull when the stock was below 30 cents, neutral until it rose above $1.00 because the tax loss carryforward is worth at least 50 cents, if there's a buyer.
Low risk spec up to that point.
Once the lawsuit was settled, hype and even the signs of a Pump & Dump began to grow to an extraordinary fever pitch.
Things being said over and over on boards that I knew could not be backed up by facts. The people saying those things refused repeatedly to debate the issues, or present any proof of what they were saying.
There is no evidence that the patents have the value that was being ballyhooed on the Raging Bull board.
A "large shareholder" paid greatpicks.com to do a deceptive write up of the stock, saying many of the same things that were being misrepresented on RB.
There was also a "large shareholder" posting anonymously on that board. Saying guess what.
That "large shareholder" is a long term INNN insider. Involved as far back as their IPO in the early 1990's. Not an official insider, mind you. Kind of a shadowy presence.
Supposedly controls millions of shares, yet never filed as an insider.
He was also named last summer to the "Advisory Board".
Love to see someone like that hype the stock rather than work to make it successful.
Additionally, there's a lawsuit in LA Federal Court claiming double dealing on the part of some insiders in the TCI settlement.
Interestingly, the company has yet to advise shareholders of that suit, claiming it appears that since it only names board members and not the company, they don't have a legal responsibility to release it.
Logically if they're being sued for activities engaged in as part of
doing the company's business, it involves the company.
There's reportedly a strategic reason why the company isn't named yet, by the way.
The whole mess is tightly locked and sealed from the public. So beyond knowing it exists, the true story is unknown.
Patents? Who knows? I will note that no one beyond their licensee, TwoWayTV has included them in any projects.
I can think of several reasons why they might feel obligated to do that, having nothing to do with the type of value that's being BS'ed about.
Two former INNN tech employees showed up on the board and were immediately threatened by someone who was thought to be involved with the company. He claimed to "know" who these ex-employees were.
Those former employees also stated knowledgeably, that the patents were no where near as broad as was being advertised.
No one else on that board claimed any expertise in the patent arena prior to their arrival, but amazingly none of the real "bulls' wanted to even consider what they were saying.
"Lies, all lies!!!" To quote.
No proof that they were lying, naturally. Although one of the former admitted non-patent experts had suddenly become "educated" enough to argue with them.
To the loud hurrahs of the P&D types.
Oh and they hate "BASHERS" there.
No explanation or proof that the situation of organized bashing exists or even makes sense, of course.
Make sure you catch the Ben Affleck movie that opens Friday. Little write up on page 3, "Tempo" section of the Trib yesterday discussing it.
Called "Boiler Room". About P&D type stock scams and price manipulation.
Can't wait.
Dwight
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