Pete:
Thanks for nice compliment. It's appreciated.
As a result of that posting, an extremely well connected friend of mine has provided me with a few observations that might be worth knowing, to wit;
- guess which brokerage house has had its representatives out in Boise for the last two days....correct, Goldman.
- Is it possible that they were there to discuss the need to complete the shelf registration, that is, to sell the remaining half billion dollars that wasn't sold last time out? Given the company's lack of any further saleable assets, lousy results, poor cash flow, and pressing need to upgrade, the answer does not require high level intellectual capability.
- Guess which brokerage house provided much of this morning's early buying? More importantly, guess which brokerage house quickly ran out of buying power, and did not accomplish their probable goal of initiating a short panic?
This whole situation brings on an involuntary retching reflex. The arrogance reflected in the initiation of such a patently transparent and dumb move, boggles the mind. What is causing the wide grin at this end is that Goldman, in spite of its supposed strength and brilliance, has just laid an egg that would make an ostrich proud, and one that will yield its fair share of facially displayed egg yoke. It will be interesting to see if the SEC develops an interest in the remarkable timing (a coincidence of course ) of that large and well timed option purchase late yesterday.
Personally, I'm going to enjoy watching this firm waste a few more dollars trying to hold this dead carcasse aloft, before it recognizes that the required sums to so do, far exceed any possible fees that might derive from a "tough sell" offering. With the mighty INTC tanking (as forecast), the market for anything associated with the semi/PC sector is becoming impossible.
Best, Earlie |
