I bought more at 12/10/9.5/8 Each time Mike and Cindy made promises they couldn't
keep. Shame on me but be careful, this company has no credibility with many of its
shareholders much less the street. It will take several quarters of honesty on
managements part for the street to jump back in.
Billyjeane, regarding your above statement, AMEN!
I think hindsight will show us that now is probably a pretty good time
to buy ECGOF. BUT, there are too many other good companies out there with competent management for me to risk more money on ECGOF now. I still own about 1/5 my original position from last year. I keep getting the feeling that ECGOF is run kind of like a club. They have their group of buddies that they kind of shuffle from one company or subsidiary to another, hoping another buddy can get financing for this project or another. It just seems like there is no competent, well thought out plan for running their businesses much less growing their businesses. As the contracts that didn't appear in the 4th quarter, also didn't show up as we thought in the 1st quarter either, I lost some faith. As profit margins from their existing businesses eroded further I lost more faith in management. Their, in my view, amatuerish attempt of a take over at DBCO further shook my confidence in Mike and co. Also, the $20+ mil. "invested" in EIFH with constant assurances that a bank would step in and buy out their position (which has yet to happen) has me at the point that I have run out ways to put positive spins on these actions. I have come to the sad conclusion that these guys are in a little bit over their heads. They are learning on the job to be sure and may well turn this ship around, which is why I say now may not be a bad time to buy.
As David James has posted, SRS and MM Industra alone could account for
at least $.50-.75 in earnings this year. The old investment adage, buy when everyone else is selling applies here. We may see the 6's but ECGOF is making decent money, and IF management ever gets their act together the buyers will be back. Good luck to all.
Mark |
