Anyone trolling for bad news about Deep Down Inc can easily see the past decade is an abundant source.
Hilarious that you think it's an unrelated case.
They vaporized $60M of other people's money in the last 10 years and rewarded themselves lavishly.
You think anything has changed?
How about that new 38' custom triple-outboard Donzi sprtfishing boat that they're playing in. Was that a good use of DDI cash at this point?
Or the petting zoo that they gave away?
Or the residential property adjacent to Channelview?
The writing is on the wall, they're in shut-er-down mode.
They sold the only remaining marketable asset they had (C-view property) to keep the paychecks coming. The cash bleed has never been controlled (they never intended to) and it's blatantly obvious that announcing a "share buyback" is totally disengenious coming from a company that is unable to borrow and will soon desperately need to raise still more cash.
If any shares are bought by the company it will certainly be only blocks held by selected individuals that DDI mgmt wants to help cash out. (Read the section about privately negotiated transactions)
BTW- Aker case in 8 weeks, DDI will either lose outright or will have spent more in legal fees than the original claimed amount in dispute
Then comes the Foulkrod case and in case you missed it, there is allegation of fraud involving securities (DDI stock). If they lose, DDI as you know it is done.
That's why nobody in the inner circle has ever bought stock with their own $ (except for the little pocket change amount in Q4 2015, they know the stock would likely turn to dust at some point in the not distant future
All anyone needs to do is read DDI's own evidence submitted in the Foulkrod case
Their own words!!!
It was a crock of crap from the very start, just a way for them to tap into OPM
It was a huge success .... if they can avoid jail and/or bankruptcy
IMO
- Foglifter -
