This is not fact, just a little story that I hope some people can understand.
Okay what if you're a little old lady running a family trust.
The trust had invested in a company and you owned 6.5 million shares of that company. The company decides to reorganize, they do a reverse split of 1:6.5 million leaving you with one share, however, they've told you, don't worry we are going to turn that one share into 3 million right quick, make some deals, put out news, sell a bunch of stock and we'll all be rich.
Cool, along comes May 13 - May 16 and presto, there's 3 million shares of WRLB in your account. Holy moly there's bids of $2.50 on it, but no offer. Maybe I can get $3.50 for some. Hey cool, someone bought 200 at $3.50, maybe I can get $4.25.
Well would you look at that, that bozo Jim Bishop just bought 100 from me at $4.25, bet I can get $4.50 for some now....and on and on it goes...
Somewhere along the line someone calls little old lady and says, HOLD IT, we screwed up, you can't sell that stock until Monday!!! Little old lady says why not? It's in my account, I'm selling. Due bill, what the hell is that?
This week, someone tells little old lady, hey you owe people 600 billion shares of WRLB.
Little old lady says, screw you, I don't owe nobody nothing, fix it, I'm going lawn bowling in the Bahamas for a few weeks.
Now here we sit. |
