In response to your response(s):
1. The losses are in the operating companies, not the actual fund. They provide scant details on the funds, not even providing a name. As for your acumen on accounting, revenues are not earnings. Whitewing does have revenue, unfortunately not enough to earn a consistent income stream. (BTW tz, I do know how to read financials and am paid rather handsomely to do just that --thank you very much).
2. My point on the admin expenses is that they are rather high for a company with absolutely no visable revenue streams and an explicit policy to continue issuing shares to stay solvent. This also means they have a huge interest in promoting the share and ramping it up in order not to dilute themselves to much. As for paying themselves, if they truly adopted the "venture capital" approach like they say they are, they would earn money only on the successful realization on one of their investments. That puts them in the exact same position as the shareholders. Right now, they're on the opposite side of the table. One has to ask why they take the precious cash that is necessary, quite obviously, in the operating companies in order to realize any future value whatsoever.
3. No, just to point out they have rather high patent values for rather old patents. That's all. One would think the IP was fully depreciated by now given it's age and short remaining life. I realize it's not all Soundview, but they are the majority. Off-patent IP isn't worth that much.
4. Just shows how little money they have for working capital or to support the full commercialization of any of their projects. Also, why aren't they paying themselves with long-date, OTM warrants?
5. Yeah, 70% in 3 months ain't bad at all. Just shows you they can spin a great story and they know when to get out. The price is from the registration document, the price they quote. Once again, ask yourself why they're selling if the future looks so bright.
6. Read the registration statement, it's quite detailed about their prospects, need for money etc.. As for who owns it. Good question. In fact, one of the real telltale signs hear is that Acacia is very sketchy on the details of all of their investments, how they operate, who owns them, what the actual technology is, etc...
I read investment documents all day and the level of disclosure is horrible. I have checked around (I work at one of the largest VC firms in the US) and there is no other backing for Combimatrix. I guess Acacia is the only lifeline --not a good sign. As for new technology, the point is that their "space" is relatively old at this point and there are many existing, working extremely well financed companies doing this. If you haven't made it yet, forget it --especially if you have no money. Perhaps that is why Acacia sold some shares last quarter. It's too late. Same for others.
If all they plan to do is publish web pages with their new "Internet Company" they GOOD LUCK. Who the heck would pay anything for that!
Look at what these guys do and who their "backers" are (the bucket shop brokers who sprewk penny stocks). As soon as there's an investment fad (Internet, K-tel, Infoseek etc..) they jump on it with some silly new investment with no discernable plan, no details --trump it up, place shares to board memebers (Talok funds), ramp the shares, sell the shares and raise more money.
Look at the investments, they're a who's who list of bucket shop investment stories --pyramid consumer marketing (Whitewing), biotech, internet, "readable/writeable CD ROM", "Hedge Funds" --yeah makes sense now doesn't it. Next it'll be Asian Vulture Money and they'll be right there, telling you how they can buy a skyscraper in Pudong for $1 a square foot.
6. Fees of 30,000 a quarter = 120,000 annually = 2% of 6,000,000 assets under management. Where is the math wrong? Who know's, they may be accruing incentive fees in that 30,000 too. Who can tell given the sorry state of disclosure in their reports. Answer me this, what's the name of their various funds --onshore and offshore? Give me that and I'll get you plenty more information about these jokers.
7. The point is, in case you haven't read, the Mac is dead. Who in their right mind would waste money writing for Mac. Other they Bill Gates pissing away some of his money on Apple, it's been nothing but bad news for 5 years. The translation and competitive stuff is from Acacia's own filing. I suggest you read it.
Your right about hiring PW now. But all past financials were compiled by Mr. F. We'll see what PW says once they've had a good look at the finances at the end of the year. Also, Mr. F didn't buy any shares --he probably sold them because the paid him in shares. Once again, shows how amazingly un-financed Acacia is to carry out any plan to capitalize on their suspect IP. Once again, why are all those who are closest to the company selling shares, cashing out personally, if the future is so bright? Perhaps they know a good thing when they see it.
They couldn't get the issue underwritten (read the filing --"best efforts". Where are the brokers who back them? They can't sell this crap either.
Geez, wake up to the scam that is Acacia. Why are Board Members selling stock 3 months after investing, on the verge of "breakthrough" commercialzation (if you believe them), and up 70% from their "insider" private placement price. TZ, Annie et al. I actually thought you guys did some DD and knew a bit about this tiger you jumped in bed with. Fine, like is for Soundview (which may prove to have something), but what about the drain from the other crap and the scant disclosure of important items? |
