Hey Doc,
I wish it was a sign of life...but it isn't.
There simply isn't a reason to keep holding short. Anyone prescient enough to short this stock was right, and it's doubtful they shorted it to below a penny, so they may as well close the position because even as the shares drop further, there isn't that much more profit to be had.
SOGC began a hearing three weeks ago. The hearing was scheduled to take a week. I figure updates are well past due, and check the DJ BK court news daily just to see if any updates regarding the hearing between secured and unsecured creditors are available.
In my most honest opinion, longs who've stayed loyal to SOGC and held all the way down to these levels will never recover. It is my opinion that anyone holding this stock who bought as low as $0.01 won't recover.
It is my opinion that SOGC common share holders will see their shares cancelled by the time SOGC emerges from bankruptcy.
To anyone reading this, I'm not trying to get you to sell. I understand the mentality and reality of "lost it all already, may as well hold and see it through" and that's fine with me. I've traded SOGC plenty of times and really have had high hopes for them through the BK process...I think me and others saw the BK writing on the wall and traded it accordingly.
All that said, I'm sticking to the plan I've mused about publicly in here:
1.) wait til this stock falls into the $0.000X pricing range.
2.) Buy cautiously as news/risk v. reward allow.
3.) Sell any price pop
4.) Not buy so much that it'll hurt too bad if the shares are cancelled without enough warning to sell for a minimal loss.
Trade well.
