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Technology Stocks : GX Investors Thread
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To: DWB who wrote (490)1/28/2002 9:06:38 PM
From: Gary Stern  Read Replies (3) of 586
 
I am only posting this to make me feel better. The game is over. In bankruptcy the Judge has the power to reject their Plan because it is inequitable. If they spent billions on the build out and want to trade it for a mere 750 million the bankruptcy judge could just say no. The common shareholders have a right to be represented and to oppose the Plan. They could have diluted massively and tossed us a bone but they basically will have a privately held company and they will make their real money when they do a secondary offering. Insiders will give themselves new options and lenders will extend the loans for new equity.

My gripe about this Enron style fraud is that the entire purpose of the earnings hype was to calm the masses and prevent us from getting out. We were conned to wait and see and led to the slaughter by that piece of shit Legere. I think a fraud suit lies and I think this is worse than the Enron scandal. All those employees who got burned got cheap shares when the price was high; we all bought at retail market based upon the paucity of bullshit put out by management. They knew precisely how they intended to structure the equity deal a long time ago and kept it silent. I don't think it's "pays your money takes your chance". None of us ever had a chance.
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