Well, I just caught up with the numerous posts. I must say that I think there is a certain lack of objectivity on the thread. I too was mad with the Chatfield release..... most certainly the subsequent one. However, after re-reading the initial release, I noticed that at the bottom of the short report it said that the research report was to follow. This turned out to be the detailed report released the next day. Personally, I blamed myself for not paying more attention to the fact that a further release was coming. Secondly, 90%+ of the business start-ups fail due to lack of capital. I'm not sure that any of us know what the true figures are, but when I saw the numbers reported for PNLK I was a little horrified. It looks like they are being privately 'Godfathered', which is all well and good ... but not something to depend on. The assumptions being made on the thread are far too simple regarding likely expenses, and that should be born in mind.
So, whilst disliking it ... and I posted something at the time to the thread to the effect that Chatfield would have had AOL and Amazon as 'sells' since their inception given their 'Internet evaluation theory', I really can see where Chatfield are coming from. Internet companies cannot be rated on the same fundamentals as other companies, but a 300 million market capital for 4 people in an office with a licensing agreement and some good relationships that hasn't started business yet and with an unproven site seems rather ridiculous !. Think about it ! If Chatfield prove they didn't have a short position then the question remains as to why they actually bothered to start coverage on PNLK, but the fact remains that from many real perspectives, this company did not warrant the market cap valuation. As an ex-international banker of many years I love the concept - but I have seen many SI threads that are so enamoured with the stock and its story they are blind to all else. So, enough rambling ... and I hope you all take this in the positive way it was intended.
Good luck to us all
Stephen |
