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Hahahahahahahahahahhahah ahhaaahaaahahahhaaaahahahahahha
Whew.
HAH!
Thousands of new shares going to board members this week. After 100% of the shares we all invested in over the years have been wiped out and cease to exist, these crooks just keep sucking on that teat. It's so infuriating. Every single member of the board, every single officer who's ever been associated with this company, they're all guilty of fraud and should be in prison, especially Daren "Hockey Stick Growth" Jamison. If it were up to me it would be a Russian prison.
From today's press release:
John Juric, Chief Financial Officer of the Company, said, “I would like to express my appreciation to our customers, vendors, and business partners for their patience and support. I am also deeply grateful to our entire Capstone team for their hard work in continuing to execute the Company’s strategies throughout the restructuring.”
"Shareholders," Juric added, under his breath, away from the microphone, "can bite my unwashed ass! Mwhahahahaha!"
Well here's a hale and hearty FUCK YOU to Darren Jamison. This technology had a future and should have been highly successful well over a decade ago but thanks to that shit stain's piss poor management along with the chicanery and subterfuge the equally worthless board of directors allowed him to get away with while they all sucked every last suckable dollar of life out of the company, that's all she wrote. I guess now the patents will be up for grabs and somebody with a lick of sense will figure out how to monetize them. Don't guess I'll ever get a dime out of it though.
I disagree it will be harder to get rid of my stock. Over the years I've gotten rid of thousands upon thousands of shares and I've never lifted a finger in doing so. I just sit here with my thumb up my ass while they keep doing reverse splits and viola! Shares gone!
1.8 million new shares just created out of thin air. Enjoy your dilution fellow shareholders!
https://ir.capstonegreenenergy.com/all-sec-filings/content/0001493152-23-034784/formsc13g.htm
Chapter 11.
The only thing that surprises me is that it took so bloody long. I'm sure DJ figured the longer he could hold off the more $$ he could bleed out of this rock. Coupled with the announcement of what is no doubt a toxic financing agreement with Goldman are we finally looking at the death rattle or will it keep limping along issuing new shares and executing reverse splits for another year or two?
Such a shame. A great tech that could have and should have really taken off a decade ago but was just never allowed to get there by incompetent unscrupulous managers and directors who only sought to line their own pockets to the detriment of shareholders.
New beginning or death rattle? DJ resigns effective next week. Either way, good riddance to bad rubbish!
I couldn't agree more. Millions in sales and quarter after quarter after quarter for going on 20 years DJ has stepped up to the microphone to blow smoke up all our asses and tell us about how EBIDTA break even is juuuuust around the corner. Meanwhile his salary keeps going up and he keeps cashing in those options for more shares they create out of thin air in between the reverse splits that artifically boost the price for five minutes until it crashes right back to the same level it was at before only now there's 2 or 3 or 5 times as many shares. Management and the board of this company should be subject to SEC action for fraud in my opinion.
EBITDA break even right around the corner*
*since 2006 but who's counting?
I thought I felt something tickling my balls but it was just Darren Jamison with his hand in my pocket again.
https://ir.capstonegreenenergy.com/all-sec-filings/content/0001104659-21-082634/tm2119623d5_fwp.htm
At least 15 years by my count. I was wiped out so thoroughly by 2015 there was no point in selling off my shares. I've never sold a single share yet I somehow only own a tiny fraction of the shares I purchased between 2006 and 2014. I can't even remember how many reverse splits there have been. I did get a measly check for less than a thousand dollars out of the class action lawsuit over DJ's false statements in 2014 but it didn't come within a tiny fraction of making me whole. I would absolutely sign on to another class action to hold that charlatan and the entire board accountable.
And for those newbies who think I'm just a basher, I still believe strongly in Capstone's tech. But at this point you have to be stupid or ignorant to have any faith in this management. This company has been operated as a straight up scam on shareholder value.
It's my favorite day of the quarter! I just love it when I get a steady stream of emails notifying me that DJ and the members of the board are getting thousands of free shares dumped into their accounts! Now we only have to increase share price by another 500% or so and I'll be almost back to what I sunk into this pig of a stock before all the reverse splits! Yay for me!
There has never been a share price increase in this company's sordid history that was not immediately followed by a dilutive measure that utterly destroys shareholder value.
I'm not bitter though.
Why, do I sound bitter?
OK, maybe a little bitter.
What am I saying? I'm extremely fucking bitter.
I'm not a trader, I'm an investor. Based on DJ's blathering lies* I invested in this company and that investment now resides in DJ's bank account. If trading is your bag I guess there's ways to make money on this stock but if you are here because you think the tech has potential or the company will eventually turn a profit, don't walk, RUN as fast as you can in any other direction because this management and this board are straight up crooks.
*see Case No.: CV 15-08914-DMG, "Capstone Securities Litigation Settlement" for DJ's admission of said lies.
As of today it has been 9 months since the court approved the settlement in the CAPSTONE TURBINE CORPORATION SECURITIES LITIGATION class action lawsuit. Shareholders of record who purchased shares during the period between June 12, 2014 and November 5, 2015 are entitled to compensation from a pool of $5.5 million dollars.
https://angeion-public.s3.amazonaws.com/www.CapstoneTurbineSecuritiesLitigation.com/docs/Long_Form_Notice.pdf
I've contacted the claims administrator several times since last November and they keep kicking the can down the road. At first it was "several months" then it was "at least nine months", always "no distribution date is available at this time".
I'll wait another week or two before contacting them again but over more than a decade I've grown accustomed to being monumentally disappointed in this company so I don't expect I'll get good news any time soon.
Absolutely!
(Assuming they do the inevitable 1-for-3 reverse split now instead of waiting for it to drift below a dollar like they already have more times than I can count. Psst, management are charlatans, pass it on.)
Class action settlement
The shareholder class action against Capstone Turbine for false or misleading statements made during the period between June 12, 2014 and November 5, 2015 was settled and finalized with approval by the court six months ago on November 15, 2019.
Over the intervening six months there has been no news, no updates, no statements regarding when the promised settlement checks are supposed to go out.
It's no surprise this wasn't a hot topic on the message forums because the amount to which each claimant in entitled was calculated in part based on the number of claimants who responded, meaning the more respondents the less each one got. But I know I'm not the only one since at least a few people here did mention it prior to the filing deadline in October 2019.
I'm just curious as to whether anybody ever received a check or has any information at all regarding what happened to this case. Six months seems like an awfully long time to fulfill an obligation like this when it was several years in the making and most of the math had to have already been worked out prior to the judge's approval.
Right about now would be a very good time for those class action litigation settlement checks to start showing up.
Evidently.
POLL: who here filed claim in the class action lawsuit?
The final settlement each shareholder receives will be based largely on how many people responded with claims by the October 15 deadline. Any predictions as to what the share price paid for each of the claim periods will be?
EBITDA break even is right around the corner boys! HOCKEY STICK growth!1$eLEVenty!
https://ir.capstoneturbine.com/press-releases/detail/3723
"One wonders why such a move would be approved to the board."
It seems pretty clear that the board and management of this company learned a long time ago that a steady drip drip drip of dilution with periodic reverse splits puts money in their own pockets. It is also abundantly clear that they are perfectly happy to wipe out shareholders as long as that continues to happen. When music finally stops they will be the ones sitting comfortably and they will just move on to loot some other company while shareholders are left standing exactly nothing, not an empty chair to be found.
Capstone "Strengthens" Board of Directors:
https://ir.capstoneturbine.com/press-releases/detail/3694
You know what I think would actually strengthen the board of directors?
GUTTING it.
Fire every one of the sonsabitches, with prejudice. Kick 'em to the curb. And fire Daren Johnson into the sun while we're at it.
The BOD at this point should consist solely of long term shareholders who were never ever given or awarded one single share as "compensation" for running this POS into the ground for the last decade. Only shareholders who spent their hard earned cash on shares need apply.
Did I mention getting rid of DJ? F that guy.
I still believe in Capstone's tech but management could not be any worse and at this rate we're guaranteed to see the tech ripped off and cloned into mass production by foreign competitors long before the company ever reaches the "EBIDTA break even" point that DJ has told us at 40 consecutive quarterly conference calls* is just around the corner.
(* I say 40 but if I'm being honest it's been a couple years since I was able to stomach listening to one, so at this point I'm just assuming he still says that.)
Once upon a time I purchased many thousands of shares of this stock but I currently own less than 1000 despite the fact that I've never sold any. It's almost as if the company is not being managed in the best interests of share holders but rather with some other criteria in mind? Truly, it's hilarious!
But but but HOCKEY STICK! I mean, c'mon, EBIDTA break even right around the corner, amiright?
Oh, I had it completely backwards, didn't realize it was saying somebody dumped shares. Figures.
Thanks for the reply.
New SEC form SC 13G/A filing
Can one of you pro finance guys please explain this to the rest of us dummies? I've read it three times and can't tell if this is somebody buying a 5% stake in the company on the open market or just more dilution or in fact nothing at all.
A crook posing as a wise man once told me that if you make a mistake that puts money in your pocket, you're going to be sure to make that mistake over and over again.
I haven't spent a lot of time lately studying the specific details of DJ's compensation package but I'm pretty sure his personal cash flow remains positive in that he along with the BOD continues to draw a generous salary and continues to collect free shares regardless of piss poor performance and in fact complete and utter abdication of duty to shareholders. His entire reign over this company has been one long mistake that has been very profitable for him so I expect he'll continue making that mistake over and over and over again.
I'd love to be wrong but I'll be stunned if there's not another reverse split in 2019.
EBITDA break even is right around the corner! Just better square that circle before we spiral down the drain. Hockey stick?
Under current management the only reverse we can count on is yet another reverse split. Time for DJ to go!
I'm gonna live that long just out of spite but after who knows how many more reverse splits the single share I'll still own at that point will probably still be threatened by yet another NASDAQ delisting when it drops below a dollar yet again.
But hey, DJ is still ready for that hockey stick growth just right around the corner, amiright?
Whew, finally, here come the Form 4s. I was beginning to fear the BOD weren't going to get their tens of thousands of quarterly free shares at our expense for all of their no work. Good to see some things never change.
Tell it to the tens of thousands of shares I used to own. Oh, wait, I only own a few hundred now. Huh, I don't remember ever selling any, what happened?
Class action? Count me in.
Classic CPST. Wipe out long suffering shareholders with massive dilution, implement successive 20-for-1 reverse splits, then when you can juuuuust about start to see light at the end of the tunnel, WHAM! More dilution! And of course a big fat bonus for big fat as DJ. Rinse and repeat.
FML.
And F Daren Johnson.
If we're going to be limited by the sky I guess I'll never be made whole in this company. I've been holding since before the serial 20 for 1 reverse splits so I'm gonna need it to go stratospheric at a minimum.
DIAF, Paul Manafort.
I have been infatuated with Capstone Turbine since the late 90's. I'd have to check records to determine when I first bought in but it was around 2006 or 2007. Throughout the tumultuous next 3 or 4 years I was a true believer, rarely selling and continuing to add to my holdings when the stock would dip. I know you TA guys have your means and methods but for me it boils down to do I understand what this company does and do I believe it can make money while improving the world? Not the soundest investment strategy, I know, but cut me some slack, my wife is pretty sure I hold title to my own little piece of real estate on the autism spectrum.
We survived the crash of 2008 OK all things considered. CPST was just starting to make some progress and things were looking pretty damn good when Putin invaded Crimea, after which all hell broke loose and this stock has never recovered. After multiple reverse splits I now hold a tiny fraction of the shares I originally purchased. A very large part of my nest egg is essentially wiped out. What's left of the investment isn't large enough to bother selling.
I still believe in Capstone's technology. I am furious at its management and believe DJ to be equal parts incompetent and evil.
But I am also a big detractor of Russian aggression in Ukraine, not just because of the damage it did to my investment but because, fuck you Russia, that's not yours.
So it is with great schadenfreude if not joy that I watch the downfall of Paul Manafort. I only hope he lives long enough to experience all the living hell that federal pound me in the ass prison has to offer. But when he does die, I hope he dies in a fire.
Gonna have to turn a lot more than just the one corner to make me whole after ass whipping I've endured ever since Pootie Poot marched into Crimea. I'd tell you what the share price will have to reach to get us there but I throw up in my mouth a little every time I try to do the math.
But hey, I'm sure DJ's pool is nice and warm this time of year, amiright?
My prediction:
Long before CPST is allowed to benefit from any thaw in US/Russian relations, some Trump crony will succeed in naked shorting CPST into oblivion by creatively forcing us to utilize toxic financing. Then once all of us hapless shareholders are out of the way, they will swoop in and buy up the smoldering remains for pennies on the dollar, and next thing you know Rosneft won't have to pay premium US prices for the technology any longer because BPC will own it instead of us.
If my remaining shares were worth more than 10% of what I paid for them I'd dump them today but at this point...what's the point?