Hello Zeev: Thanks for the heads up on IMMM. Your insights are almost always on target. In this case, I am leaning toward the Mad Monk and the possibility that the dumping is by a spurned promoter(s) or investing partner. Of course, since we are dealing with a non-reporting entity, the possibility of Reg. S stock can not be disproved. It was not mentioned by Peter Boonen in his interview with the Mad Monk.He did mention that an individual possessed 800K shares and that he was selling:
<<From Interview with Peter Boonend Part I, April 4, 1997>>
Monk: As you know, I am a chartist and chart won't lie. I know the general market are crashing but someone has been selling IMMM. The chart told me so. Who is the culprit?
Peter: To the best of my knowledge, there are two person who have been selling. The selling doesn't mean that the validity of the technology is in question. It is more of a personal need and other reasons.
Monk: OK. I am not interested in getting their names or how much they paid for their shares. Tell me, how many shares they are still controlling at this very minute?
Peter: (Pause) 800,000 shares.
Monk: At today's closing price, it is peanuts. Are you sure you only have 5 million shares float?
Peter: Yes. I believe 100% that 1.5 million shares will not be sold before drilling, and 75% that 2.5 million shares will not be unloaded prior to drilling result coming in. So the overhanging threat is about 1.0 million shares.
Monk: So we are paying for the sin or hiccup of a startup. With PR in the pipeline, I hope these shares will be absorbed by new players (gamblers). Greater fools?>>
Hopefully, we will not all be the Greater Fools in this scenario.
marty |
