Surprisingly, I agree with almost all of one of your posts. I too think Revere was behind the volume this week. I take issue (not an important matter) only on the Revere acceleration. I believe they were spooked, not by any thought that GMGC was generally on the rise, but by the jump to $1.60 on May 1. When the price relaxed to $1.25 on May 4, they decided to get it done.
On other matters -
The Jeffords switch, Greenspan warning, restatement downward of Q1 GDP can can only push any GMGC Onstar-based recovery closer to the September deadline for a major financing (Rose's $10 - $15 mil that you quoted) announcement. Your June 14 date sounds like a good decision point for traders in at $1.00 - $1.30 to possibly take a small profit after minor IBM or other news. No major new customers should want to touch GMGC after all of the marketing and technical heads except Paula rolled within four months.
Watch the web site (down at the moment) for changes in BOD and management as a clue to future developments. All BOD members are still Markman "appointees." Three VPs (corp sec, CFO, human resources) are pre-Layton. I believe one or more of the Markman people will jump ship if the financail picture deteriorates or if Layton just can not get it done. The advance prep by Lange and Chiocci found by Aglet on RB and Markman's easy landing suggest to me that those three departures were largely their own doing. (It is more than fair to say that, if they left because of failing fortunes, those failures were theirs.)
The other new negative is the higher short interest. I have been thinking that when Onstar cleared the starting gate with GMGC at $1, shorts would be foolish. However, I think it is wise to listen to them - not to their bashers, but to their money. However, different their objectives, the community of shorts includes few beginners and far more pros than the community of longs.
So news and a bounce by June 14 (my conclusion, not necessarily yours) or sweat out a late summer, early fall heavy-weight bout between the champion, Onstar, and the contender from the Islands.
As a final thought, Onstar NOC usage would be a very strong message (could be bad news too), but I think Onstar still has the muzzle on GMGC PR. |
