To further assert AMEXs excellent reputation and convince people that they should shift their trading activities from Nasdaq to Amex, here is a pretty article:
msnbc.com
STOCK SITS LIKE A ROTTING MACKEREL
So there the stock sits like a rotting mackerel, drenched in the cheap perfume of press releases and suspect SEC filings, waiting for some poor dumb fool to come by and eat it. So why doesn’t the SEC or the American Stock Exchange force these damaged goods to be removed from Wall Street’s store shelves before any more people get sick?
The rules for the American Stock Exchange seem pretty clear on the matter. They state, “In considering whether a security warrants continued trading and/or listing on the Exchange, many factors are taken into account, such as the degree of investor interest in the company, its prospects for growth, the reputation of its management, the degree of commercial acceptance of its products, and whether its securities have suitable characteristics for auction market trading.”
Here is my opinion on the foregoing: I don’t think there is any material interest in this company on the part of the investing public. No more than two to three messages are being posted daily on Internet message boards regarding the company. On some days, no messages at all turn up anywhere. On Tuesday, Sept. 19, not a single share changed hands on the Amex or anywhere else. On Wednesday, a grand total of 1,500 shares changed hands. This for a stock that sold for $74.50 per share only four months ago and sported a nearly $900 million market cap? Whose kidding whom! Even at its peak this stock sometimes showed volume of less than 1,000 shares a day.
Nor do I think the company has any credible prospects for growth. Its balance sheet equity of $123 million looks principally to be the result of stock-financed deals with companies whose only material value seems to have consisted of loans pumped into them by Evans before the deals were consummated. That equity has now been hocked 100 percent back to Evans for a loan of a mere $650,000.
I believe the company’s management has a despicable reputation. The company has been in business for a year and lawsuits against it are multiplying in all directions. The man who controls the company and is financing its day-to-day operations is an admitted swindler who has served prison time for bank fraud.
So, why is the stock continuing to trade? Because, I suppose, on Wall Street — and there alone — even stupid people are expected to be smart…smart enough in this case, it would seem, to be able to read and understand Envision’s all-but-incomprehensible 10Q, with its astounding 225 pages of bafflegab arithmetic and baloney. Pretty shabby if you ask me. Enough said. |
