Laertes, I really don't know what is wrong with GIFS. This company has so many things going on now and in the past that it's hard to tell. I am not an accountant(yawn) so I can't decipher everything that's reported in the SEC filings. They are 100+ pages and I haven't read them completely, but I have skimmed sections of them. The things that stood out most were the 1:10 reverse split in '94, the 1:20 in '95, a doubling in the shares outstanding from Dec '95 to '96, the frequent name changes, hundreds of thousands of options granted for consulting services, at least 1 private placement, the ESOP's mentioned, stock 'exchanges' for American Lift, Serenity Acres, IMP, Imagex, etc., planned secondary offerings(more dillution), 5% stock dividends(MORE dillution), (remember this company did this once before with a 10% stock dividend) etc. This is all I can think of off the top of my head, but the thing that bothers me most is the OBSESSION by management about the stock price. Instead of focusing on the business at hand, the CEO seems most interested in what he can do to push up the price of the stock. If the business is for real, then the true price of the stock will be reflected.
GIFS short...
p.s. Please feel free to correct any misstatements anyone. |
