I talked with Tim Clemensen for about 20 minutes. Unfortunately, he wasn't able to provide any additional information. Here's what I got, though (and I'm paraphrasing -- these aren't direct quotes):
Q: Is there anything ''wrong'' with the filings that might cause delays?
A: Can't answer that due to legal constraints regarding refiling.
Q: What caused this endless skid in price?
A: No idea, other than that it might be caused by some investors selling because of the rumors that are floating around.
Q: Where is the volume coming from?
A: No idea. Because the pink sheets are so poorly regulated, the MMs can pretty much show whatever numbers they want. Tim said he does feel that the MMs probably close out their accounts every day (i.e., he doesn't think naked shorting is an issue).
Q: Will the filing be on time?
A: Tim is personally confident that the filing will be on time. However, he cannot legally give any assurance to that effect.
Q: How many outstanding shares?
A: Can't answer that. He had hoped to have the official number last week but was unable to obtain them. Tim wants to reconcile a rather large discrepancy between two totals he was given before he announces anything to the public.
Q: Is there anything you can recommend or share that might help improve investor morale?
A: First off, stop spreading rumors. If you hear questionable information and want to check it out, you can at least call his office and he'll tell you whether that information originated there. Also, they're hard at work on the website update, so that should be one vehicle for sharing information in the future.
Q: Is a buyback going on?
A: There is no documentation on record to that effect.
Q: In your opinion, what would be a good target price for MVEE?
A: Tim didn't want to speculate on that. However, he did mention that we might look to similar media companies (e.g., Total Film Group and Dick Clark Productions) for an idea.
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At any rate, as you can see, there's basically no news yet. At least they're not trying to paint an overly rosy picture. IMHO, that's a step in the right direction -- frustrating as it might be.
-ferg |
