Well, I had to wait awhile to cool down a bit. I e-mailed Jerry Pogue at LLL, who was head of Palmer when LLL bought them out (translation: took their cash to survive awhile longer). I was pretty mad and disappointed, but they did not even have the decency to let Jerry (my old time broker) answer the e-mail addressed to him. An officer answered, stating that they had spent the $5 million dollars for a feasibility study, and then had to sell the property to "pay off debts".
This is like spending millions to build an Indy car and team, and then not plan ahead enough to have enough money to race the car! Then, sell the car to pay off debts. Poor management style, to say the least! You don't gamble $5m to get feasibility done, and HOPE you can get financing at the end.
I asked the question of which insiders sold during the downturn and how many shares they sold. Of course, that was not answered in the e-mail.
I just hope Jerry Pogue can get another company going again. He was in pretty good shape with Palmer, and had lots of cash until LLL came along and sweet talked him out of it.
The e-mail said they had irons in fire to go high tech, just like everyone else is doing. We'll have to hang on to worthless paper and hope a miracle occurs.
Boy, that felt good to unload that! Gerald |
