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Technology Stocks : 2000 Date-Change Problem: Scam, Hype, Hoax, Fraud
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To: Hardware Heister who wrote (266)10/8/1997 2:40:00 AM
From: White Shoes   of 1361
 
Heister, I noted in a previous post that there has been heavy insider selling in VIAS. A goodly chunk of their recent secondary offering was comprised of shares being sold by "selling shareholders" and it was noted that (of course) for THESE (non-new) shares, the company would not receive the proceeds. Neat, eh? Sell some stock and bundle insiders' stock up with it in the bargain, so the insiders can sell a bunch all at once...for a very high price.

I'd also point to a recent Y2K IPO on Vancouver. Group West Systems (GPW) went public at $1.10 and went as high at $8.20 in 3 months...now around $7 (Canadian, VSE stock). They are being promoted. I wouldn't short them, but eventually it will crash.

After they saw Jot-It and Net Nanny go bonkers they figured the time was ripe, I guess. Of course Group West is a nice, little computer consulting firm, and 'real' enough. Funny how it has gone up 7-fold even though it's mighty hard to even find a quarterly report for this one anywhere. Surely investors aren't just buying without knowing how many shares are outstanding, sales, earnings, etc.????

Perhaps the "black hole problem" is next. That black hole is your margin account. And in space no one can hear you scream.
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