JessiDani: First, let me say I am glad to see your continued input. I don't mind "blunt", but I do object to personal insults. Believe it or not, I like opinions different from my own - it helps keep me honest about my own judgement.
Second, I agree with what you say in your first paragraph. You raise a good question about cash skimming. I know this is one issue that Ed Pettee has made some efforts to dig into. I am not sure if there is anything substantive that he can report on this, however. The only thing I know about that relates to this issue is South Carolina's proposal to hook every VGM machine in the state to a central computer system so the SC Dept. of Revenue can track every nickle coming in to every machine in the state. The last I heard, SC had accepted a bid from some company to do this (somebody out there help me with the name of the company) but the bid procedure had been challenged by one of the selected company's competitors. If I remember correctly, the SC General Assembly put a temporary moratorium on development of this system while the ban-the-industry effort was being waged. I don't know if the process has been restarted.
You also stated quite well one of the fundamental questions frequently in front of investors (and currently in front of many BNGO investors): If I buy a stock and then experience a loss, I say to myself, "Should I continue to hold this stock. What percent does it have to rise for me just to break even? Would I buy the stock now with the expectation that it will rise xxx% ?"
I must, however, challenge you on the following statement:
"This is a small cap stock that will never be listed. There will be no institutional support. The losses that some have experienced will never be recouped on this stock. It would be better to investigate whether management engaged in fraudulant behavior last year regarding the stock price, warrents, so called imminent nasdaq listing, etc.
What evidence do you have that the rest of us can examine that supports your contention that BNGO will "never" be listed or have any institutional support? I will grant you that it is possible management engaged in fraudulent behavior last year. But short of filing formal charges and initiating a criminal investigation, how are we investors to investigate such allegations?
TKA |
