Lane,
I have traded FNSR in the past, with good results, so it is frustrating to see it at such low levels.
FNSR did do a convertible at around $5 and change last September. I couldn't believe it, I bought in the mid $3's after the attacks, watched it go to $6+ and then they did the convertible via ML and the stock crashed for a day (-30%), while ML priced the issue, then it was off to the races and over $10.
At that time I send an E-mail to IR telling FNSR that they got screwed with the convertible, and that they should have waited, as they weren't desperate for cash. Indeed if they had waited just another month, they would have gotten twice the amount of money, as it is ML manipulated the stock price for the convertible. I believe I posted my thoughts on this thread, but after doing some history, it appears to have been deleted. Interesting.....
Anyway, I think FNSR is legit, but as Soundview pointed out, this is Rawls first public company and there have been rookie mistakes made, like the convertible. If they can knuckle down and start posting profits and not dilute the stock anymore, we'll be back in business.
A-M-S |
