Come on, Bruce; you bought in near the bottom, and can't imagine the feelings of stockholders who bought in at 10.
When is a company supposed to release relevant information? The charges for the 3rd quarter ended Sept. 30 indicate that Cityscape was selling assets right and left in July, August, and September. They never made this public until the recent conference call/earnings release -- which was the last possible day to release the information, without SEC penalty. Don't you think this was wrong?
By the way, as you're in the business, did you hear during the last quarter that they were selling loan portfolios right and left? There were many separate deals, and probably dozens or scores of people involved. I speculate that knowledge of their sales leaked out long before the company made the information public, and that led to short-sellig and the stock's plunge. I think that's much more likely a cause than blaming it on the ambulance-chasers, disgusting as they are.
If I had known in September that the company was so concerned about bad loans and the need to raise capital that they were selling big chunks of their portfolio, I never would have bought into the company! I thus agree that the company improperly withheld material information from me, causing me great financial harm. I want financial reparation, and I want the guilty parties punished: either through civil fines, or jail sentences (if criminal laws were broken), or whipping them with a bull pizzle. |
