I think it is only fair that I mention that MCEL has proven to be an utter (and costly) disappointment over 2006. I recently sold all my shares for tax loss purposes and I'm not expecting much from the stock price until after the beginning of the year.
In fact, with the recent news of their Convertible Debenture, I'm starting to believe the the .75/share target reflected in the PnF chart will be seen before the shares move up again:
stockcharts.com
The CV apparently has a conversion price of 135% of the market price for the stock, and the company has an "option" (if you can call it that) to "force" conversion at 91% of market price (why any management would ever be stupid enough to exercise that option below market value makes me very leery about its inclusion).
But if the stock hits .75/share, then 135% would suggest a conversion price at about current market value.
Would definitely have desired to see a floor on the conversion price, but the lack of one is indicative that MCEL's management has found itself "desperate" to raise sufficient capital to pursue its business plan and the "vulture capitalists" were the only ones willing to provide it.
Also, the recent addition of "Bud" Evans, of SFI Financial Group to the board of directors tells me that he's the one raising the money and that he demanded a seat on the board in return.
I still have some high hopes for the company in the future, but right now the shares are dead in the water (or sinking) until the CV is converted to shares and a floor placed on the stock price.
Personally speaking, I HATE floorless CVs and normally would wash my hands of them until the company is making money. But the technology and partnerships are very intriguing for MCEL, IMO. Thus, I'll continue to monitor the situation.
Also, on Yahoo, they continue to discuss the possibility of a reverse split. Listen folks.. any company that does an R/S without either being profitable (or on the verge of being so) is a recipe for a death spiral. MMkrs are not stupid. They will walk the stock down very fast after an ill-timed R/S. So stop talking about it. If MCEL performs an R/S merely to create the perception that it's stock is valuable.. RUN!!!!
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