Hi Jim,
I've had a lot of conversations just like a lot of us
have.
You're post which Arizzzona rightfully praised summarized
the situation in a way that can't be improved.
The stock has broken down. Whether its on 3,000 or 6,000
shares at the last minute of a summer Friday or not - it
plunged to lows not seen in over 2 1/2 years.
I won't comment on that further and just suggest anyone
who hasn't should read Jim's post.
Message 17637418
As a result, a decent sized group are in a position that
is triggered by the $3 marginable rule. I also have some
on margin and will be transferring cash (borrowed) in to
cover so I will not be selling.
If I am the CEO of this company I am spending the weekend
on the phone.
First of all she will get phone calls from the big holders.
Despite the arguments I think that aside from the 8 million
shares held by Dundee and Dr Kuhne, there are another
15 million or so held by some dozen people. Those questions
need to be answered.
Next I would put together an NR for pre Monday open stating
that I know of no reason why the stock dropped 30% and
that I expect to achieve...etc.
The biggest job I would have is to round up support for
Monday to get the open above $3. While I agree with the
idea that its not a CEO's job to manage the day to day
price and they don't have the ability to do that anyways,
this in my mind is a different situation.
Its different because the price broke down and I have
serious reasons to address that. Whatever else I was
working on, I need to get whatever support I can. This
would have been made clear to me by the big investors
who have my homephone and cell numbers.
There are still people out there who think this is news
coming. I believe the trading says that's not true.
But the breakdown has created a group of potential sellers
both from deciding to give up this investment and the
bigger group from getting phone calls.
This is a time of great stress for Dimethaid investors.
I was brutally clear the last 8 months that DMX hinges on
one decision and one decision only. FDA yes or no. I
said repeatedly that this stock would be under $1 or
over $10, that no other price mattered, that this would
get dirty, and this is not a period to margin in. Those
things I know for sure so I said them repeatedly without
saying they were an opinion.
I also said I believe that the probability of getting FDA
is very high as do a lot of other investors who I do
respect. That is my opinion and I clearly said so.
I cannot fully express the empathy I feel and I know its
dangerous ground at the best of times let alone while we
wait for Monday to be giving opinions.
Someone saw a gap, sold a few thousand shares and then the
same house did a cross right near the end of a draw. But
no one sold into the 14,000.
Nothing about the FDA has changed. We still have to decide
whether we believe we will get it or not. Each of us is
alone in this decision. In my mind Friday's events don't
relate to that. They relate to momentary opportunism.
Wolf |
