I am now in selling mode. I simply cannot take a chance that the company decides to screw the common shareholders and close down the company, which they laid out as one of the options:
" Due to uncertainties surrounding our liabilities and whether we are able to realize the full value of our assets, we cannot make any assurances regarding the amount available for distribution to our shareholders.
We have made certain projections relating to the amount of cash the Company expects to have to distribute to its shareholders upon dissolution of the Company. These projections generally relate to the amount of liabilities which must be satisfied before our company is dissolved and the amount we expect preferred stockholders to receive for their equity interest. Each of the above projections is subject to multiple variables, including the timing of a dissolution affecting the amount of dividends payable and the amount of liabilities owed at the time of dissolution. Based upon current estimates, if we were to dissolve this quarter, it is unlikely that common shareholders will receive any such distribution."
I realize that this may be as simple as covering themselves, and that they have some good things brewing and that they would never do such a thing. Let me just say this right now, I do NOT trust the rooskies one iota.
I just cant take that chance, at least not with the amount of shares I had as of yesterday, it's not worth it to me. I do NOT mind the wait at this point, I can live with that, it's been so long already, whats a couple more months, I just cant live with the risk of being screwed, i could never forgive myself. I will keep some but I'll take off table if and as it ascends, maybe I would be totally out at 3 cents, I dont yet. I TOTALLY missed the piece about preferred shares and without any glimmer of potential turnaround, it's just not worth the amount of risk - if I knew I was guaranteed even a lousy penny, maybe, but risk of nothing left, when the company has 9 million in the coffers and no apparent debt, then no way I am getting screwed. Convince me otherwise.
AI
