I happened to see the Yahoo news a few days. I got a good laugh out of it. I sold most of my shares when it became clear that bankruptcy was inevitable, but I still hung on to 700. As the price kept going down and down to less than a dime, I decided just to wait until everything - hard assets and intangible property (e.g., trademarks, etc.) - was sold. Then I just figured I could call it a worthless stock without a commission taking a big bite out of my "principal."
My speculation/opinion, FWIW, is that there was never an intent to completely sell the entire thing off. Rather, the "gloomy press releases" (a law school corporations case in which the insiders talked the stock down and then bought at low levels) were intended to get the last dregs of the shares at bargain basement prices. Pretty sleazy.
Don't be too comfortable. As the press release acknowledges, more or less, existing shareholders will still get the shaft to some extent if this thing ever really does emerge from bankruptcy. This will occur either through dilution or differentiating between existing and "new" shares with the existing being somehow less valuable than "new" shares. But hey, they'll probably be worth more than .06 or .07 per share as they were a few weeks ago.
Cheers,
Jon |
