Larry, I think you made a wonderful post.
I was going to make a post earlier this Saturday but had some people come over.. and I was going to say some of the points you mentioned. That basically to me, this stock is really all just based on Ira's words. He has a lot in stake.. more than anyone here does, so you almost have to believe he isnt out and out lying about things. Also they have contracts with major players, which I like. Ira is aggressive which is good. I like that.
But I do have to tell you.. somedays the only reason I feel like I can trust this stock at all is because its a company that has been in business for 19 years.. not 1 or 2.
One thing is we dont know how many shares are even out there on a given day. Ira makes aquisitions with stocks and never issues "those" press releases stating how much and why. The only idea I have of what the new stock was used for was one vague post by INTHEFLESH on SI. No one seems to know exactly what the shares were for, and how much, and to who? No one tells us when these shares will be "unfrozen" and they will come back into the float. I tell you what.. if in the upcoming Myriad announcement he doesnt formally announce exactly WHAT he paid in dollars and stocks and options that will just hurt credibility more. I know there is $4.3M going out to buy it, but Ira.. NO STOCK WAS ISSUED? Or did you just not mention it in the press release of 3/16/98. If no stock was issued to Myriad for the buyout than please share where the 20M shares has come from in the past 4 months??
Larry, you are absolutely right about releasing financials in a timely manner. When the financials were first "delayed", I believe the company relayed to Cheryl that they wanted to "just put 3Q and 4Q financials out at once to save money" That was like 4 months ago. This is sad and now we are waiting ... after a March 1st "this is the FINAL FINAL FINAL date" for financials. Now a month later...still waiting.
The press releases also gnaw at me repeatedly. The sad part is they have improved a lot from a few months ago.. but this company wants to be taken seriously but it doesnt present itself that way. Yes, it could go to $5 in a week for all I know, but their press releases and their perception will be poor.
I disagree with Ira's "bang bang---we are holding financials until after the merger for maximum momentum" idea. If he released good financials a month ago, and everything was kosher, we would be a $1 stock by now. And if I hear anyone argue "oh well its a great idea to delay financials so they can buy back more stock" I'd say WHATEVER!!! The problem with this company is credibility and presence and appearance. They have so much "potential" and could still fulfill that potential but they are not credible in their timing or words.. thats a fact.
Personally Im very sick of it
Mark |
