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Non-Tech : Olympus Ventures (OLPV)
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To: Jim B who wrote (214)1/22/1997 11:27:00 AM
From: (Bob) Zumbrunnen   of 485
 
How can they give 1 for 30 and only adjuse the stock to 1 1/2

My take on it is this:

In essence I just got screwed out of about 60% (estimating at this point) of the money I put into this stock yesterday. I'm just glad it wasn't very much, but it's a big percentage loss on this issue nonetheless. Had I known the split was going to happen, I would've waited until today and gotten nearly twice as much of the company for the same money.

As far as the price only being adjusted to 1.625, keep in mind that the company does not set the Bid and Ask. The market (or the MM, to be more specific) does. Note that the market has not confirmed the appropriateness of either the bid or ask yet as nobody has sold or bought. I'm seeing that the Ask right now is 2 1/8. Am thinking it was 3 1/4 this morning. There is nothing the MM can do but keep lowering the Ask until he gets a buyer, and raising the bid until he gets a seller. I suspect the Ask is going to come down a LOT pretty soon. Hope I'm wrong.

I'm sure the reason for the split was to get up to the required $3 for NASDAQ listing, but doing the split without letting anyone know it would happen, and on such an unpopular stock, was not, IMHO, a wise move. I'm not optimistic that it'll get to $3 anytime soon. Unless they have some really good, verifiable news to release very soon.

The downside of rolling the dice is that you're usually not going to get the desired results. That's why I don't put much money on a roll like this.
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