Good post. The thing is everyone is right.
Toxic is right because this thing blew up because of toxic convertible notes and chances are slim
RSH is right on the big picture and what happened here.
And Anthony is right because the technology , contacts, people ordering have some value.
It is good to hear all opinions. Anthony dont take Toxic personally as he stated. The chances here are slim. Fortunately , some, if not many of us found this way after it already blew up and hit .0001. The chances for existing shareholders at higher levels to get their money back are slim to none.
However at .0001 there is a small chance a reorganization/recapitalization can happen and that is why I came here.
I see Bates as a survivor and read the story much as RSH posted it.
The company once had a market cap of 160 million. Within a year or two it hit 220k and due to stock issued might be 400k or so now. 4 billion shares x .0001 etc..
Often the worst situations turn the hardest when they do turn, if they turn. While there is debt here it is not crazy debt. There is a company I know with 50 million in debt, 200mil in accumulated losses, no chance of really turning things around ,zero cash and its selling for a 6 million dollar market cap or about 15x current values here.
My guess is we will hear something over 6 months , either about bankruptcy, re-organization etc..
Also note Bates stock got diluted as well so he is not cashing in . All his stock is worth like 3,000 if that.
Ill keep checking in with people that were nice enough to talk a bit with me that were dealing with the company. I also have one contact that knows the parties. This is just to see if they are still in some shape functioning/operating. Until we get new from the company , we are pretty much in the dark.
I appreciate everyone's comments here.
Everything I post is my own opinion and people should always do their own research and due diligence on any company they are looking at
