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Sorry Ferg - I don't have PM. I can take down the 10-Q post I have stickied - do you know the post # I should replace it with?
Here's another interesting article on the growth of gaming. Hopefully Good Gaming will be ready to re-launch soon after we get a settlement to grab their piece of the pie.
http://www.cnn.com/interactive/2015/07/us/varsity-gamers-american-story/
The Supplemental Summons that's on the NY Supreme Court web site says the HG defendants are required to provide an answer to the amended complaint within 20 days. Which would have been last Friday or so by my count. But there was some other legal wording in there that maybe I didn't understand and there was a mention of 30 days so maybe it's later this week or early next week. Should be coming up soon though.
Thank you all for your responses to my question earlier today. I've been thinking about the preferred stock conversion quite a bit and it sounds like a pretty good deal the more I think about it.
Thinking hypothetically, if we win the lawsuit and assume $10-20 million in the bank, and at the time of that receipt of cash we were trading at $.01, you could take the same $4 million you were gonna use on the the stock conversion and buy back 400 million shares to put in Treasury vs the 175 million noted in the PR. Obviously you can play around with the different numbers. But it seems like if the purpose is to buy back shares, you could buy more back under this method and allow the longs to hold what they've accumulated if they choose.
Anyway, just some musings from an old man. There's more than one way to skin a cat so I'm putting my faith in Glenn to make the best decision possible.
Based on the responses, this all sounds like good news. But, to me, this sounds like a 1/50 R/S, does it not? I'm not trying to be negative, but it sounds like my shares are going to go from 2 million to 40k. How is this different than a R/S? Again - not trying to be negative here - just asking the question because of my ignorance.
I usually am not a big fan of the P&D, but, in this case, it allowed me to free up some cash for when this goes back down to 1 after the circus leaves town. Hopefully at that point, I'll be able to start digging myself out of this hole I've found myself in.
He was talking about the CMGO web site (cmgo.co), not Good Gaming.
Nothing with CMGO is ever for sure. There was no PR about their work at Coachella so I would not be surprised if there was no PR for the 8-K.
You are absolutely correct on that - my average is a little over a penny so I'm hurting right now. I've also been in this stock for about 3 years and I've watched it rise and fall. And lately, just when you think it can't go lower (based on history and charts), it does. So even though the chart says we might have bottomed out, I wouldn't bet too much on it. But I have no doubt if you get in now you'll make some money...eventually.
We've had a million people come through and say how good this chart looks and it's ready to take off and it never does. Charting, in general, is a waste of time, but particularly with this stock. So if you're looking to buy just based on the chart, I would strongly advise against it. Only good news and solid fundamentals (both of which are sorely lacking with this company) will get this moving north - but we're a ways off from that happening.
Here's to hoping nothing but the best for Glenn in his efforts to turn around CMGO!
Glenn is such an f-ing douchebag. he doesn't know jack about running a legitimate company. Maybe one of these days his health will take a turn for the worse and he'll decide he's not able to run this company any more - that would be a blessing for all the shareholders. But I doubt we'd be that lucky.
Today marks exactly 3 months since the last shareholder update. Glenn combines both the incompetence and a lack of shareholder interest that is required to easily get us to the 4-month mark in March. However, with the 10K deadline at the end of March, I'll be interested to see what tricks he has up his sleeve to get us to the 5-month mark on 4/20. I'm not sure he can do it, but it'll fun to see him try. Go Glenn!
Well, if the auditing firm that he had engaged wasn't under investigation for fraud, it probably should have been done by now. Ed has a bad track record of meeting deadlines so I don't disagree with you, but in this particular instance, I'm willing to give him a little longer leash seeing as how this may actually be out of his hands for the time being.
I think that 3 year timeline was based on GG going live in May/June 2014, if I recall. But with the delay in getting it up and running until September and now them not being able to do anything because of a lack of funding, I'm sure we'll hear those projections will be pushed back at least another couple years.
Glenn is part of the problem here as well. True, he wasn't part of the fraud that took place. But we're going on 6 months since this fraud was discovered and where are we? Everyone is sitting on their hands with nothing to do because he hasn't been able to secure financing from anybody. If I were him, I would go on my hands and knees to whoever will listen (and yes, that includes Asher and all other toxic financiers) and secure some money to get things moving again. Not sit there and wait for a free pot of gold to fall out of the sky onto my desk.
Fraud happens every day in almost every company in the world. But how many just shut down operations when that occurs? Very few - they find a way to keep going, sometimes having to make unpleasant decisions or decisions contrary to what they would normally do, but they don't just stop and keep everyone (including employees and shareholders) dangling in the wind while they try to find the perfect path.
I think some are too close to the situation to look objectively at what is (or is not) happening and are blinded by sentimental feelings for the man.
It has become glaringly obvious to most of us here that the hole that Glenn has dug for himself and his shareholders has become too deep to get out of alone. I was just thinking about that list Ferg posted a couple weeks ago naming the top experiential marketers. I believe we were 20 or so on the list. I hope by now he has talked at least to the top 10 companies on the list about a buyout. They could inject the cash needed to fund operations in a heartbeat. I would specifically be looking at west coast companies that might be looking to increase their exposure in the eastern US. Hopefully that will come to fruition....soon.
Earth to Glenn: your company is slipping away from you. Find someone who can actually put together a plan to get us out of this mess and bring them in because clearly, you're lost and have no idea what you're doing. This has gone on long enough!
Death, taxes, and no news from CMGO.
That looks like an old list (Fall 2013). I think all those clients they list for XA are now with Hudson-Gray.
M&K CPAs, the auditing firm mentioned in the investigation, is in trouble (or at least a couple of the partners are - how it affects the rest of their business is TBD). So in the worst case scenario, IMO, SEGI would have to find another auditor to re-do the audits if something were to happen to that company. That's about it from what I can tell.
Maybe - but it only took a couple of bad partners and one bad client (Enron) to shut down Arthur Andersen all those years ago. Let's hope the same thing doesn't happen here.
Phew! We've now made it through 2 full months without an update. You'd hate to give the people that helped you become CEO any information as to what's been going on. Now, can we make it 3 full months? I'm confident that we can - go Glenn!
IMO, CMGO should sell GG at whatever reasonable price they can get (which they should be able to get a decent price based on future value potential) and use that money to get back XA back on their feet and get back to their core business.
Sounds good to me. So is that the plan? I read your previous message as Glenn was only looking for someone to work pro bono because he couldn't afford to pay an attorney.
So Glenn doesn't have any friends that are lawyers that are willing to do this pro bono? I would think if anyone knew some good lawyers, it would be Glenn...
I believe he was referring to the tweet regarding the USA today article - that was his last tweet.
Here's the USA Today link:
http://ftw.usatoday.com/2015/01/super-bowl-xlix-party-guide
New Facebook SEGI Post:
USA Today Sports names the biggest Super Bowl XLIX parties in Arizona. Guess who's is at the top of the list? That's right, the Simeon Rice Moves party! Sycamore Entertainment Group will be there along side the screenwriter, director, and All-Pro defensive end to ring in the night and promote @UnsulliedTheFilm ?#?WhoIsReaganFarrow?
Somebody needs to buy this POS company ASAP or we're all screwed.
If you're going to buy them at the market price anyway, why don't you just slap the ask and we'll all benefit.
Thanks for the PM but I'm not able to send PM's. why don't you put your DD in a post and I'll make it a sticky?
Amen!
Frankly, I would love it if a buyer swooped in and bought us. That's about the only thing that can get this thing rolling again.
Where do you see that it's for sale?
If I were you, I'd wait until this hit trips before you put any money in. No sense in investing at these prices. It doesn't look like we'll get any news from the company until the 10-K is due in March so I think there's time for you to get this cheaper than it is now. JMO.
I agree with your post for the most part. However, having worked with all different kinds of CEOs on audits, I can tell you that some are very driven to get audits done and some are not. The CEO dictates the tempo of the audit, for the most part. If they want it done quickly, the audit team finds a way to get it done quickly. If the CEO doesn't particularly care when it gets done, that audit usually gets pushed to the end of the line.
In this instance, I can tell Ed is one of those CEOs who could care less about the audit and if an audit truly is being performed, he is not pressing the team to get it done. If he really was focused and sincere in getting it done and it actually started back in the summer, it would have been long completed by this point. So we wait....
As much as he may hate it, communicating with shareholders is part of the job. And maybe because he's in the middle of everything, things may not seem important enough to disclose to the shareholders. But for those of us who don't communicate with him on a daily basis and have no idea what is going on, 2 months without any kind of an update is ludicrous.
I'm not asking him to write a novel. One paragraph on XA ("hey, we closed an office in Chicago, I hired my daughter, and we're getting closer to a settlement with the crooks from the previous administration" would be a start), one paragraph on GG ("hey, we held the biggest tournament in Blizzard's history, we added 4 new games, we're updating our web site, our next tournament is XX/XX/XX" would be a start).
He can knock that out during one episode of House of Cards while he's laying in bed. But simply ignoring the shareholders because he doesn't think anything is worth discussing while the stock is tanking is neglecting a big part of his job.
Doubtful. He's probably jumped ship as well, but we'd never know it because they probably forgot to announce it.