Hmmm....
Looks like 230,000 shares turned at 1 27/32 at 4:31 today. Last trade at 2 3/4. Other big blocks traded today as well.
Call me an optimist or simply paranoid, but I feel like much of this recent bad news seems highly ORCHESTRATED. In fact, when you look at the related press releases, they couldn't have come at an absolute BETTER time - assuming your intention is to ACCUMULATE significant holdings at LOW prices !
How would I do this ? Well for starters I would have my buddies in the legal profession push a class action. Then make sure that it got lots of press, even re-release it repetitively as was the case with the CTYS case.
Then use Press Releases to throw more gas on the fire....
From the S&P downgrade press release last week:
"The COMPANY announced that future financial results will reflect lower margins and earnings as well as cash flows as a result of the use of whole loan sales and other measures to enhance liquidity."
Why "VOLUNTEER" this information to S&P with all the problems that already existed ?
Additionally, maybe use comments like
From the Oct. 21 release regarding B&S:
"......it has retained Bear, Stearns & Co., Inc. to explore strategic ALTERNATIVES for the Company. The Company stated that it has sufficient liquidity to fund its operations and meet all of its obligations into the latter portion of the FIRST QUARTERof 1998.
Now that's a real encouraging press release ! B&S are pros at making bad news look good - is this the best they could do ?? Makes me wonder.
Anyway, I bought at 3 15/16ths and I'm holding. Maybe this is simply optimism, paranoia, or wishful thinking, however I bought at 3 1/2 and I'm certainly holding. I predict the earnings statement will look better then it's current price reflects...even if the intent is to make it look a little worse. |
