David, I sent an email to Todd Savitt, FVHI's IR guy, asking for an update. Until I hear from him, I can only agree with your assessment. The only positive spin I can think of is this: if SoftBank, which I've heard of and don't know about but plan to check on, is willing to buy, albeit at fire sale prices, it's possible the company has a viable business idea but utterly inept management. No wonder the stock has sunk. Management apparently doesn't Play Well With Others, especially its investment bankers, and the price reflects that. A change of management would appear to be the only option, which I assume the sale of controlling interest reflects. In my first post I said this would have to be looked upon as a potential turnaround. This may be it, only it's going to cause further pain to existing shareholders in the short term. I haven't decided on what to do yet. Luckily may stake is very small; unluckily, I added yesterday because of the volume and price improvement. I'll guess investors got wind of a briefing by the company and were expecting good news, hence the spike. This turn caught me by surprise, and it just goes to show how treacherous it is to act before the fact. But as I say, my method is too make many small bets, so that when--note that I say when, because stuff happens--I get blindsided, the damage is under control. I hope anyone else who got caught in this is able to say the same. At any rate, I'll let the thread--the handful of us--know what Savitt says when I hear from him. Meanwhile, what can we say but, That's the market.
J |
