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From this in the 8-K, leaning towards takeover possibility perhaps?
Just another piece of info. that hadn't been revealed on Harbinger Capital equity control of L2.
Karl Rove now lending his voice of support for Lightsquared, some heavy hitters weighing in, in this last hurrah. Very strong words from him.
http://www.politico.com/news/stories/0512/75788.html
The Republican side of aisle is shifting its position now from L2 as cronyism to L2 as an example of gov't stifling business. Will be interesting to see if that line continues to grow, L2 hanging on by a thread.
Still waiting what next word is. The more I look at this, as I work in this space, the venture capital raises that silicon valley tech companies were making in the last couple years is starting to dry up. With so many millions pumped into so many apps which failed to catch on, venture capitalists have been getting much more hesitant as of late.
I could easily see ASCQ through their business model scooping up some nice assets on the cheap through share issuance if funding for these small techies starts to really dry up and they are looking to get something for their efforts.
Been watching this story play out since you started posting on it last year, quite a power play move coming from Bronson on this now. Curious what his long term plan may be, will he encourage sale of tape libraries part of QBAK and then encourage shareholder dividend of the proceeds, thereby making BKFG much more valuable? Is he seeking long term to take use BKFG to take control of QBAK and its power system assets? Curious as to you're thoughts on this EI?
Where were these articles all along?
http://www.alternet.org/economy/154962/corruption_is_responsible_for_80_of_your_cell_phone_bill
http://www.forbes.com/sites/jamespoulos/2012/04/10/lightsquared-debacle-shows-theres-no-escape-from-crony-capitalism/
Now finally people realizing what a disaster this whole L2 debacle is for consumers and paying attention to the sad state of wireless for the next number of years probably as a result. It really is too bad there wasn't more investigative journalism into forces opposing L2. I'm sure like all things it will come out too little, too late :) Then people will realize that we have all been had, and it was never by the people the press and Lobbyists were telling us it was (i.e. L2 and its "cronies" LOL). Drives me nuts to see these games succeed, that said L2 didn't do itself any favors and made plenty of mistakes. But, in the end it's all of us consumers who pay. And prices will just keep going up.
http://venturebeat.com/2012/04/11/lightsquared-senators-spectrum/
Senator Kerry & Senator Graham jumping into the fray, at least it's not some unknown congressman from the middle of nowhere, interesting. Last ditch effort if they could get reallocated spectrum, otherwise appears to be all she wrote. Always loved Hail Mary's :)
Big question remains for me if there was nothing planned for this, why bother with all those filings last year? Did they want to just spend hundred thousand dollars for the heck of it? Why not just shut down operations? Seems like a much easier approach, or go dark, file a 15-12g and resurrect it down the road. Why deal with the headaches? Of course, there have been alot of other strange happenings/coincidences with Homeclick that have been pointed out, most important among them, the same CEO. Whether Homeclick or otherwise however, it logically makes no sense to catch up with all those filings if there is no reason.
I wouldn't think people, especially Holtzman, Gartenhaus & Foreman are the type to throw out money just for fun. That said, this has been one big roller coaster ride for sure, a ton of ups and downs, not sure why they wouldn't file. Another strange piece of the puzzle.
Whatever the case may be, he does take these shells public in a very methodical manner, I'm not saying anything about the quality of the companies he rolls in, just the fact that from what I see and his MO this is next on the conveyor belt.
Never died, just been watching as he gets things in order, much like the other shells he's taken public. After last two shells, this looks like the next in line based on the progression. Now just a question of share structure and company that would come in.
mg, you should add yourself in there, you have been one of the best on board for insight and DD. Thanks for all the hard work you are doing as well.
A Press Release from Homeclick yesterday regarding their online community. Now that they have a bunch of DIY guides, videos, and community set up, looks like they are looking to get the word out.
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/03/28/prweb9332482.DTL
Read this. First communication with shareholders in a while and it's a pretty big one in regards to valuation.
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_A/threadview?m=tm&bn=74013&tid=1248&mid=1248&tof=1&frt=2
Some press on Lee Linden & Karma Sciences project from today: http://www.huffingtonpost.com/2012/03/26/karma-app-make-gift-givin_n_1379177.html
Someone definetly seeing value and trying to load up. Just waiting to see if they can update website et al. BTW, checked out the address they are currently located at. It seems to be a high tech incubator office. Branchout, the facebook foray into jobs like Linkedin was located at same office for instance, as are some other interesting start-ups.
Actually, in looking a little more I believe this is Tapjoy.
Lots of good meaty stuff in that 8-K. Poring over the details. Any idea who this service provider might be? Saw the 2 members co-founded and thought of Karma Science, but no sure that fits the description.
I wonder if this has anything to do with what will happen with ASCQ? The financing closed virtually the same day as for Andover, company formation almost same time as merger completion, and the Lewis & Linden connection is clear enough. Maybe has something to do with the connections that Ledecky had mentioned.
http://blogs.wsj.com/venturecapital/2012/02/28/tapjoy-co-founders-start-karma-science-with-5m-led-by-kleiner-sequoia/
Yup, someone buying this up with .50 as that base, L2 thinned out on the ask nicely, looking forward as more news comes out, keep an eye on anything and everything Ledecky..
Yeah, we'll see, now all up to Ledecky, Santos et al. and their ability to grow this company. Anything below .50 looks good to me at the very least. Especially with all the attention on this space, this could make a very attractive story for investors that don't want to play the bigger boys i.e. zynga,yelp, fb etc.
Yeah, very true, have always felt the real story is what was going on with opposition. Anytime you have everyone completly on one side of the argument, hard not to be suspicious. May be too late, but I think that this is a bit of a bombshell and surely fits into L2 narrative of biased tests. If it all falls apart, get ready for federal gov't to potentially take a $1 billion plus hit in any lawsuit.
Moves the other day were also interesting, looking to bring in Nextel guy as new CEO certainly dovetails with the appointment of Montagner last month. Sprint associated players showing their cards? Also, Falcone's appointment to board surely meant to solidify his power in light of challenges from other vulture investors.
Finally, a little more on the behind the scenes on the opposition.
http://www.politico.com/news/stories/0312/73543.html
Back on the road to $60. :) LOL..
I would like to find out more on these strategic investors. Looking at Ledecky's history, he doesn't tend to mess around.
Merger agreement looks solid IMO, 12 month lock up on new shares,OS very reasonable and really good people behind this. Surprised anyone selling below the .50 offering price, a good long term bet.
I agree, get ready, valuation ridiculously low and with latest news could take off at some point. Lots of takeover speculation as well.
http://www.rethink-wireless.com/2012/02/23/virgin-media-trials-lte-cells-london.htm
Interesting that they made it private recently, trying to keep things from prying eyes? We'll see, I guess.
oh no worries, congrats on the gets, all signs still point for me in the right direction, just a question of timing IMO.
Don't know why you're thanking me exactly, but congrats.
CEO of GFME and CEO of Homeclick Chuck Gartenhaus joined stocktwits at http://stocktwits.com/shortinv on 9/20/11, 4 days after updating this on their site and right when all that brouhaha around the privacy statement on the Homeclick site with the reference to the SEC reporting etc. While there is no confirmation for sure that this is the same Gartenhaus, the reference to Holtzman company CMRG would seem to indicate that.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=68664997
What does this mean, probably absolutely nothing, but just adding little tidbits of DD here and there as I can, combined it always come together in some sort of picture.
Everyone should also keep in mind that the RM rules shifted pretty dramatically in November with the new SEC seasoning rules, some of the biggest rule changes to RM world in last decade, especially for any of those stocks that are looking to go big board.
Does that affect what happens here, not so much IMO, but it could change their strategy as to how they were approaching it.
A great blog to follow these changes and the little rule modifications happening in the space is here if you haven't had a chance to check it out I would:
http://www.reversemergerblog.com/
Hey SK, been a little while, been reading David Feldman's comments on his RM blog, interesting stuff. Could seasoning lead to desire for RM stocks to trade soon? That's what he seems to imply. Might this actually not be so bad for the shells we have been dealing with, intersting perspective. For stocks that we tend to focus on may not be bad. Of course, whether your broker will even let you trade it is a whole other debate :)
http://www.reversemergerblog.com/2011/11/21/sad-thoughts-about-seasoning-part-iii/
I highly recommend for those who have never played RM, shell stocks to follow and study up using blogs like this one:
http://www.reversemergerblog.com/
very informative stuff, the rules are always shifting, the last six months more so than in a long time.
Spoke to soon :) A filing just came out setting the stage, some more info in it, reading through it at the moment.
http://www.sec.gov/Archives/edgar/data/1350773/000114420412008968/v302601_sc14f1.htm
any day now we should find out something on this one.
Well looks like ADST woke up :) Figured someone would catch on eventually. Nice move today.
I did. I still believe after watching this for over two years, as long as virtually any of these "experts" have and I continue to believe that there is alot more to this as this article infers:
http://www.technewsworld.com/story/74400.html?wlc=1328943426
That said, it may not really matter, the truth may never come out, or it may only come out long past the demise of L2. I do believe the chances are virtually nil now, unless the FCC grows an amazing set of you know what or any conspiracy comes to light. It would be the business upset of the century. Even if L2 fails, there are still other potential suitors for the ZPCM shell that HRG has stakes in.
Yeah, not a whole lot in it, but Kip is setting this up for something like he has with the others. What the share structure ends up being is a whole other matter? I do wonder if any of the progress was dependent on American Eagle subsidiary proceedings. Timing is interesting.