Wednesday, December 18, 2013 5:38:55 AM
The reverse split of 1:50 was bad enough and decimated shareholder value. But it was nauseating to see what the company did a scant 3 days later before the ink was even dry on the reverse split.
Increases in AS of 600 Mill Common, 100K Class A and 35 Mill Class B!
Without a doubt most of these new shares have been or will be awarded to insiders in reflection of their outstanding stewardship of shareholder value ... and certainly dumped into the market.
Absolute crock.
Please allow me to put this into perspective.
On 8/23 FRCN closed at .0001.
After the 50:1 reverse split FRCN closed at .005 on 9/03.
Yesterday FRCN closed at .0007! That's down a slick 86% from the point at which the reverse split was executed. And that loss is on top of the effect of the reverse split. Good grief, this is the worst POS I've seen.
Clear that insiders stuffed their accounts with post reverse split shares and promptly dumped, driving the pps back down to the triple zeroes.
Add to this the reality that this steaming pile is losing money hand over fist.
So, someone, please tell me why this POS is worth anything?
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