.0055 Wow. Those .008's, .007's and even those .006's aren't looking so good today, are they?
One more time, slowly, the only thing this company has produced to date is shares of stock. They have irresponsibly sold them to toxic financiers, all the major ones it seems. The shares that have been purchased in the open market over the past several months have been those and the shares belonging to other insiders, in my opinion. The fact that they can be sold at these levels provides substance to that theory.
Now, certain individuals have voted to allow this company to take back 9 of every 10 shares investors purchased so they can be sold again. I guess that's because those who voted "yay" feel that the company did such a good job distributing them to the most famous of the toxic funders the first time. Now they will have another go at it. Anyway, now we hear rumors of better financing and 24 hour oil and multiple wells.
What we see is the stock being dumped at progressively lower prices. But wait, that's so they can get more favorable terms for the next conversion, after all, they will only get to keep one out of ten shares they receive.
It was October 4th when the last news of Imminent 24 hour a day production was announced and after that, lots and lots of shares were sold but no 24 hour a day production happened. It was even earlier when those famous "loans" were announced, the only thing announced about those loans were that they would not be tied to equity. They are still debt. There is still no revenue. This company's business continues to be the selling of paper, just at bargain prices that continue to get lower and lower.
While it's interesting to watch, it's not worth buying.
