Bones at the bottom of the cliff is right.
Given that the company has never offered any explanation for the "events," what I find just as distressing as the financial loss, is the apparent blatant, malicious, and arrogant manner in which these people falsified information and misled the investing public. I find this to be just as much a personal affront as if someone stole my wallet. The following excerpt from the December 8 press release makes me gag:
"The intent of management is to earn the trust and confidence of the investment community and to build a line of communication with our shareholders. Consistent and credible information is the foundation upon which trust, confidence and communication are built."
What does this mean? Is he trying to say, "okay, so we lied to you and duped you out of many thousands of dollars, but we promise not to do it anymore"? Spare me. Why not just say "thanks suckers" and leave it at that.
In the final analysis, we are the fools who wrote the checks; but we did so under the assumption (and obviously grossly in error) that the public release of information by the company would adhere to certain standards of truth (let alone accuracy). I only hope that the authorities currently investigating this thing do a thorough job of investigating insider transactions, i.e., who sold what when; if there really was shorting, how was it being done and who was doing it and when. Seems odd to me that all the wind seemed to go out of this company just about the time the stock price peaked. There would appear to be plenty here for someone to look at.
I don't think anyone doubts that this company exists and that it does do business. My question is what has been the REAL business.
The only bright spot I at this point, as pathetic as it sounds, is that IF this thing is determined to have been fraud, perhaps the whole thing can be written off in one sum as a casualty loss for tax purposes. I sincerely hope that we all end-up being pleasantly surprised, but experience tells me that, while these people may be full of surprises, none of them are pleasant.
When's that shareholders' meeting? |
