Thanks for the birthday wishes, Howard. I had a great sail yesterday, and am looking forward to another great one today.
Interest post you dug up. The CEO was projecting $40 to $50M in earnings from an acquisition, and this was but one of many rosy predictions. Is it any wonder that many of us got caught up in euphoria, and kept buying (in my case) all the way up to $8? I have said that many of us were naive; however, this is not to say we were stupid. We were naive in believing statements like that although we did our best to check them out with our limited knowledge and resources. But then, we are not pros, and even pros get it wrong sometimes, as is evident from Compaq and Orbital Sciences.
Most importantly, though, the company itself said in PRs and newsletters that they were going to file with the SEC in the near term, and I think two weeks or on month or so was used at one time for the "10" filing. So at worst we would only have to wait a little while to find these statements confirmed through Edgar filings. You can probably find those PRs and newsletters somewhere. When that did not happen when first projected, many (understandibly) lost confidence, while others gave them the benefit of the doubt for a second self-imposed deadline that they proclaimed. When that second one also did not happen is when the stock price took a real nosedive and many sold and walked away.
So when some here throw missives at other investors for their exhuberance(not refering to you), and yet ignore the reason and source of that exhuberance, I see this as denial.
Another thing that I find interesting is the current SEC investigation that is going on, and for which some on this thread have been subpoenaed. Someone posted some time back that the company stated the investigation is not on them, but on investors' trading, something to that effect. I have no idea how they would know that, since it is my impression that the SEC does not comment on the nature of their investigation. But the SEC is set up to protect individual investors, and I would find it most curious if they are focusing on individual investors -- most of whom lost their butts -- and on internet posts -- a lot of which is chit chat and restatements of company PRs -- instead of on companies. Of course, if anyone here was or is a promoter on behalf of the company, without disclosing as much, then they will have to answer to that. Even in that case, however, I would find it interesting if they were to file charges against a promoter while ignoring those who promoted him or her.
It is not my intent on rehashing the past, nor do I care about DGIV any more since I sold (with major losses) long ago. But I see it as my duty of sorts, given your reposts from the past, and given the intense interest lately in the internet, in SEC investigations, and in the incrimination that goes on in these threads, to set the record straight as I see it.
Best of luck with DGIV and other investments. |
