Bob...I'm glad to hear we're in agreement on SGR & PLCM. On MIMS, it appears that Herb Greenberg's allegations are old news about 'fuzzy cash-flow' which became his own personal crusade in May of this year:
biz.yahoo.com
Since then it appears the company has continued to concentrate on growing it's business and Mr. Greenberg seems to have been silenced for over 6 months. The company, however, did pay a hefty price for an appearance of impropriety which the SEC has not found interesting enough to investigate.
In the meantime, CIBC initiated coverage at the end of October, and the news of 12/20/02 with HIG is very encouraging: biz.yahoo.com
MIMS has a healthy financial statement (11/23/02: biz.yahoo.com, a new President (http://biz.yahoo.com/djus/021202/0904000294_1.html), and a 22% increase in 3rd Quarter net rev's: biz.yahoo.com. This stock has all the makings of a true 'bottom fish' with a PE of 8.
Also, there haven't been any insider sales since June which is a very bullish sign. However, the new Pres. bought stock in June at over $11 and I'm sure he'd like to recoup his paper losses.
The most bullish sign of all is the 20% short position which must be based on Greenberg's old story from May. The shorts will bail-out soon since they've driven the stock down into the $5 range (also tax-selling hasn't helped the price either). Even with an accounting irregularity, the stock is worth more than $5. I just don't see much downside potential from here, but I do see short-squeeze potential.
Meanwhile, I'm looking for $10 by March 03'....the shorts will be gone by then imo...good luck ! neil |
