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Did I say he's a liar? Show me where in my post because I can not see it. The PR you quoted from also mentioned the following:
Additionally, the company believes that recent aggressive selling may be related to an attempted but failed conversion request by one note holder, that may have sold shares before delivery.
It was shares from illegally converted notes, not traditional shorting. So it should increase the OS.
Did you read my whole post before you "lololol" or read it but selected the part you liked? I wrote "very good news" but also wrote "illegally converted" and "provided they are forced to cover them back". Did you happen to see these too? Do you understand what it means to force a company to cover 221 million shares they didn't own at the first place? Have you heard about short squeeze before and how it causes sharp price increase? Well, that would have the same effect.
Your statement "If note holders are pushing conversion despite an agreement, then there is likely a very strong case in favor of the note holders to do so" is completely twisted. Their action actually means that they underestimated Ryan and his will and took his decisions lightly. It means that they tried to break the agreement to realize a much higher profit, that is if we assume good intention. But if we assume bad intentions, and considering that a competitor once bought a similar note before then tried to break the agreement and convert it, and that there could be things happening behind the scenes, I say that trying to cause harm to the stock and LaborSmart is not a far-fetched scenario. In both cases, that action showed that Ryan is not joking and closed the door to anyone who was thinking of playing the same game again. This is very good too because it protects the stock against such harmful actions in the future. See? many good things, right?
Remember when everyone was giddy about...
Could this be the amount of shares supposedly illegally converted and dumped by Iconic Holdings? If so, it would be very good news provided they are forced to cover them back.
It's optional. You don't have to do it.
Putting your shares in a sell order (better with GTC) at a high price like $1 should have the same result of locking your shares from being borrowed for shorting via your broker as far as I know. Just to add another option to choose from. Shorting seems to have increased recently so locking shares by any means should be a good idea.
Ryan said on Twitter before that there's no naked shorting.
Many of the PRs are backed by official filings so people believe him. That's not a reason.
About 2.7 billion shares have been practically taken off the float in the form of Ryan's own and canceled shares. That alone was supposed to boost the price higher than before it or at least maintain the price but instead it keeps falling. That doesn't seem right to me. If Ryan is going to buy back, he better start. And if he has already started, he better find out what's wrong.
Who mentioned anything about running the stock market? What I mentioned was "investigating" what's going on with the unusual trading. He did it before and found something wrong done by Iconic Holdings (supposedly) and stopped it. Now it seems there's something else going wrong again especially that with the way he's running the business, the share price was supposed to be going up but instead it can not even maintain itself. LaborSmart is not the first company to suffer from that. If things keep going this way, most probably big problems will happen. You can refer to my post #48874 to avoid repetition.
The last PR seemed to me as a compilation of the recent scattered news into a single PR. I don't really see anything new or useful in it over what's already known in the market. That's why I can't help but think it's an attempt to save the stock price. If my belief is right then it's not a smart move at all as the recent PRs proved failure many times before. It's like trying to fill the kitchen sink while leaving the drain open. He'd better "investigate" what going on with the stock behind the scenes as part of his running of the business.
Ryan should be smart enough to understand that PRs no longer work and instead pay attention to the plummeting share price and investigate what's going on exactly.
I don't believe this is the resason. Waiting for cheap shares would mean a large bid but it doesn't explain a large and growing ask with a diminishing bid. Besides the difference is not really that big. It's been teetering between 0.0006 and 7 for a while. The difference is 166,666 shares more on the million when buying at 06 instead of 07, or 1 million shares more on every 6 million when buying at 06. I don't think this reason is strong enough to keep LTNC stock trading suffering this way. On the other side, consider the buy squeeze that was expected from Iconic Holdings to compensate for their converted shares and the price push it was supposed to give, and the huge sentiment in the market evidenced by this board with investors saying they have been accumulating shares, and the debts paid regularly, and the possibility that the advisory board members could be personally buying (if they believe that current prices are better than later's). So what's going on?!
Today 05 was tested. And practically the price is not too far from no bid (again) which could be a qualitative change leading to disasters. Leave aside all the calls that it would be a good chance to buy cheap shares because if it really reached no bid with all these happenings then most probably there would be something fundamentally wrong going on behind that scenes that could kill it or at least wipe out the current wave of investors.
Considering all that, I believe there's something suspicious in the trading of this stock and that Ryan should investigate what's going on. It's for the best interest of the shareholders to get the stock out of the trips up to safe levels to boost confidence, increase strong hands, decrease flipping, and attract new wave of investors, because the other plausible alternative is falling back to no bid.
At higher levels, the $2 million buyback would buy less shares yes but probably the whole buyback thing wouldn't be needed by then if the PPS is already at good levels and instead it would be the icing on the cake.
Hopefully we hear from Ryan soon about this issue or see a real appreciation in the share price.
I don't like the smell of this especially with all the accumulation claims we keep seeing all the time.
This is pretty normal. Even the most seasoned market experts were beginners at one point in their lives including that who criticized you. Nobody was born Warren Buffett. And if the context was your area of expertise, you'd be a master among others. Don't let anyone drag you in unproductive or delusional discussions (happens a lot here), better be well-armed with good general and company-specific information. Just spend enough time reading and absorbing information and you'll learn the ropes automatically. There are a lot of resources including posts on this board. Google what you don't know and you'll find a wealth of information. Also I'm sure other posters would be happy to help with anything. Good luck.
The 706.8 million shares were canceled from the CEO's own shares, not sold. The quote below is from the PR on January 15, 2016 (http://finance.yahoo.com/news/labor-smart-inc-ceo-cancels-123614921.html):
In the live announcement hosted at Labor SMART's corporate office, Ryan Schadel, President and CEO of Labor SMART, Inc., cancelled 706,867,658 personally owned shares that were purchased in November 2015.
My understanding is that Ryan reverted to The Staffing Group option mentioned in Feb 12th PR with $1.3 million in cash, $1.3 million in restricted stock of TSGL, and $1 million in a convertible debenture. He mentioned in a tweet that the reason he abandoned the new cash-only offer is:
Question: @CRyanSchadel what made you decide to take the TSGL deal over other offers?
Answer: @jodanledres cash is cash. You only get it once and u get 0 return on cash. The amt of cash relative to the return on ops just wasn't ideal (
)@jodanledres cash is cash. You only get it once and u get 0 return on cash. The amt of cash relative to the return on ops just wasn't ideal
— Ryan Schadel - CEO of $MVCO (@CRyanSchadel) February 18, 2016
Depending on the buyback time. There are no indicator that the buyback has started or assurance it will start soon or at all. If the buyback will be finished in say six months, he shouldn't hold news all that time. His updates could be looked at as pumping as you mentioned or as reassurance or message to those who trusted him and bought that everything is alright and not to lose the faith and get out.
This is an incomplete picture, the share structure is also being corrected. If it was good, it would be trading at much higher prices and there wouldn't be such opportunity. The current share structure with its highly expected correction and business developments is what makes this a great investment opportunity by buying at the current prices and riding it during the correction and new developments to higher prices.
The chart reflects the price performance including the effect of the recent hiccup supposedly caused by Iconic Holdings (which is exceptional). Now look at the weekly chart and remove that part, you'd see that the chart actually looks good. It probably would be much higher by now. Add to that that Iconic Holding action could help push the price higher in the coming days/weeks, I see a very positive outlook here. Just showing a different way of looking at the chart.
THE CHART DOESNT LIE!!!
The app is still an early preview, not a sufficient justification for selling branches because its viability hasn't been proven yet. I'm not against selling branches if there's a viable reason but let's not count the app among them yet.
What's the meaning of "withdrawn" if they are accused of already sold shares?
The thought of a CEO expecting his company's share price to drop to such low levels and waiting for it to buy back is not a good thing. I hope your guess is wrong.
Everything is possible, including turning out to be like Uber and Airbnb on a national level.
Or till you see .01, who knows. Everything is possible in the penny land.
Uber operates in other countries via local representatives. Airbnb operates in 190+ countries. Both are app-based businesses. The model has been tested and proven and there's a good chance LaborSmart could extend it to its industry and benefit from its huge advantages.
Probably yes for now but it might go much higher later, who knows. You just do what's in your capacity.
Of course it should be a GTC order.
As far as I know, putting your shares in a sell order prevents using them for shorting by your broker. So you can simply place all your shares in a sell order at a high price like $1 and make it AON to feel safe.
Hopefully he's buying now. This reminds me of a similar case in Jan. The price went to similar levels then Ryan tweeted this on Jan 8: "Sorry 4 radio silence. I called in $LTNC buy order 2 trade desk this morning. I think they traded 2 fill my order & caused panic selling" (
)Sorry 4 radio silence. I called in $LTNC buy order 2 trade desk this morning. I think they traded 2 fill my order & caused panic selling
— Ryan Schadel - CEO of $MVCO (@CRyanSchadel) January 8, 2016
)I will not be #trading with that firm again. I didn't even get the benefit of getting filled at 6(positive THEY did) https://t.co/JG47u6N4Ub
— Ryan Schadel - CEO of $MVCO (@CRyanSchadel) January 8, 2016
It was in a similar situation in the range .001-13. Things got better with more notes paid and an app prototype and now the price is down to .0006-8 and seems to be going down. When something doesn't work we must admit it and stop fooling ourselves. Obviously all those facts have no effect and the stock is crashing under the current float weight. There are clear red flags. I believe it will be very good eventually but the problem is that the CEO might find himself in a very bad situation fixable only by breaking some promises, wiping out the current investors along the way. I believe the only hope now is getting rid of as much as he could of that poisoning float before it's too late.
Already happened before in far worse conditions. Look at the chart.
Possible if done at or below .001 but it will take a long time at the current average daily volume and we don't even know whether it has started or not.
Not smoking will not help you bench press 1000 lb. It seems that the current float is beyond the limit of a healthy stock that it breaks under its own weight every time it tries to run especially it's a very attractive playground for flipping. Reducing the flipable float can play a big role into reflecting the positive outlook on the share price. I don't think there's much room left for absorbing the flipable float by strong hands at the current price levels. Also the current price is critical and going back to no bid is not a far-fetched scenario. Remember that a couple of weeks ago there were strong opinions that buying at .0007 is almost impossible, now it's going into a vicious cycle on daily basis. A buyback can help share price rise to healthy levels away from the current danger zone with its destructive psychological effect and also make it attractive to a new pool of investors who wouldn't touch it at tripple zero so more shares could be held by strong hands. Even if they flip it, the same dollar value that could flip millions of shares at the trips can flip only a fraction of that at higher prices resulting in a less destructive effect.
Obviously they are in deep trouble and they still keep digging deeper. That "everything is black" nonsense they keep posting actually discredits them, exposes their real intentions, and helps enforce the company's situation more every time their crap posts are exposed thanks to the smart investors on this board.
Precious time meaning the time of the opportunity to buy at a good price. But who knows anyway.
It's your trading account and it's a free country.
Seriously? You don't know what you missed? You missed the "recent" developments. Or rather you missed everything. I don't need to repeat, a lot are mentioned in post #45415 already.
What did I miss?
A customer pushing one button on his phone and calling a rep who knows his company and his needs will still be way more efficient.
The wheel doesn't need to be re-invented.
The app is about reaching out for the customer instead of the opposite. Whatever the system storing the data, CRM or anything else, this is not the point. The is catching up with the modern world and providing a faster more convenient access to that data whatever it's coming from.
This business is about PEOPLE. You can't plug that into an app.
Any good rep will share that data with his customers on a regular basis. That's what they get paid to do.
LOL why would any contractor even consider doing this.
If he is going to do that why bother with an employment agency.
Like my guy said you set up a relationship with the labor company and if they want your business they will send the proper guy for the job or lose the business all together.