I really think the Black Swan episode ,millions in legal fees,years of legal wrangling,having to give it back to Spain,was death for the company;They decided to create a "new Business plan" which ultimately put them on the skids.They unfortunately had to limit theirselves to shipwrecks that they "thought" would be able to pay off immediately,( hows that working out for you SSCA? ),only the ones that they had permission to excavate from the government of the country in which the shipwreck is found to be.What about other Toms,Dicks and HARRYS?
I've already decided I'm going to stay away until it is apparent they can sustain theirselves (doubt it);No more wishing ,hoping and relying on MGMT to come through with the next big find.No more jumping on the OMEX train just to ride a pumpty dumpty PR.Too dangerous now.
The New business plan has created too many limitations and illusions, but besides that it was simply a longer term resolution to sustain the company for a little more "time" so they "might" be able to get lucky enough to cash in on some shipwreck "deals" that would allow them to continue paying themselves,plus stock options;Greg Stemm and Gordon and others that have been involved in OMEX for many years can always tout that they found this that and the other thing, but in the end it has not been profitable for a host of well known reasons.They have done well with their finds & archaeology,but not enough for a profit.
They're now trying to re-create theirselves into a deep sea mining company,,,but due to costs and environmental rules and regs this will be a venture that will take much time,,,,and much more capital than ever before.
Ryan Morris ,as arrogant as he is ,was right and still is;Unless you have simply been a flipper ,,,,,your losses would be apparent.I think it is time for me at least to step aside and in fact already have.I will wait for the smoke to clear to see if they even survive.
It seems to me too dangerous now to even trade.I see the price getting weaker going into the vote ,,but the ship may get underway or the Victory might get temporary approval until the Ivory tower archaeologists bitch about something else and put an anchor into the project;These things can create support or even runs on the stock.The problem is people are getting wiser ,people are not so quick to jump on the next "good news thing" from OMEX.
They,(investors and traders),have gotten smarter over the years,including myself.We know OMEX has always been able to pull a rabbit out of the hat and we all wait for that too happen...as it just did again.Good for those who saw it coming and probably good for those that were selling into the last run(s).
However,this time it wasn't a rabbit they pulled out of the hat,,,,temporarily you had a feeling of elation but at least for me the more I studied the new deal ...it's more like a millstone around the neck of shareholders.
At this point it would be more fitting for an investor to come in and current management be ousted but not sure that would do anything but pro-long what appears to be inevitable.Remember SIRI?
As I said many times in the past and have to say at least one more time.The COST to do business in this field is simply too high for OMEX to become a profitable business.They can change their dirty urine stained underwear as many times as they want but in the end it is just not profitable and in my opinion never will be for retail investors......the only ones ever making money here were traders,MGMT,workers,banks and private investors who cut squirrely "creative financing" deals with OMEX without permission from shareholders,but never "retail investors" WE/THEY are the idiots who continue to feed the entity ......not directly,but indirectly by being stupid enough to support a way over-priced stock so the company could cash in on their bank deals...their stock options....etc.
This time they're asking for permission from shareholders but it is an obvious deal with the devil......and it seems if you don't vote YES......it makes things even bleaker.Its almost blackmail to me ,but either way whether yes or no ,the deal sucks and I think they could have done better,not now,but sooner ,,,,,,as in years ago,,,,,if possible at all.It's too late now it seems.
In my opinion shareholders have been finally thrown under the bus ...........and all you have to wait on now is to see if you might get put back together in surgery at the local hospital.
I'm sure something will hit the OMEX airwaves soon to make me look wrong,but as with all other deals...all other financing arrangements,it's just too little too late and won't sustain the share price for long.
Maybe it is time to turn the lights out....
Good luck......who can't continue to watch the story now?
Get the popcorn
