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And "vermins" are on the other side of the fence, the ones that bilked the poor shareholders :)
You got me pegged bang on, that is why I stick around a chat line with a readership of less than half a dozen. :)
I agree, had I lost money, I would be really cheesed off, however, I would try to think it out rationally,would it be worth my time and money?Could I (or a good lawyer )prove their guilt in court?Is there enough money in it for me after paying out the lawyers? The securities watchdogs must have checked and figured this was not a worthwhile case to pursue.
In the end, I would conclude it was my own lack of due diligence and failure to reason with the obvious,it would have been my own fault.
Caveat Emptor.
401K, I truly believe the Spiffyrats are trying to salvage and pump this stock with one final shenanigan.If they succeed,it will be on the hands of the investor ,greed and falling for it...again.If Lawyers,disgruntled shareholders,governing watch dogs wanted to pursue legal action, they would have done so by now.
Bio seems like a day trader scalping for pennies. He is most likely totally clueless that $10,000 invested in OVRL during its heydays wont even fetch you a Timbit at Tim Horton's.
The SEC, OSC,wont bother,each thinks it is the other country's problem.Ambulance chasers will not bother as even they figure it to be unwinnable in court.
I said it once, I will say it again, crime does indeed pay once in a while. :)
This supposed 50 million dollar offer appears as credible as the $575 (25X$23)offer rebuffed by management as inadequate a few years back.The "shorts better cover" spiel has also been echoed numerous times. :)
Nobody left to "cover".Shorts cashed in long whiles ago.Only possible remaining shorts are natural hedgers (against debt positions,arbs anticipating a cheaper stock offering and dilution). Frankly,only the naïve would short a stock down from the hundreds to pennies.The scammers are indeed busy conjuring another plan to revive this dead horse.As I have stated before, it would have to be something wild like selling their debt for pennies to the dollar,transforming the shell company into an exotic business like weed or bitcoin;you may get your double that way, otherwise you are dreaming and /or spreading false stories.
.
Sheldon's speciality was to run stock for a "high tick" close between 2 and 4 pm everyday. Works for a short while before sit hits the fan.To this day I am not sure if he personally profited or lost for his boondoggle.
"Borrowing"the script from Derek and 401K,I would advise Spiffyrats to sell the toxic debt and assets to some poor SAP(Usually accomplished with a very generous upfront fee and warrants),than spin the Shell as a new bitcoin or cannabis company;watch the stock open at two bucks.
There IS, and ALWAYS WILL be, a sucker born every two minutes. :)
401k,the Spiffyrats have this amazing habit of embedding shareholder unfriendly data into delayed SEC filings.It will be interesting to see what lies in store.Whatever it may be, I feel the good news is already built into current share price.As you suggest,downside could be as much as 50 cents. :)
Ttommy,I have complained for YEARS that the TSX delisting was perpetuated under the "pretext" of avoiding a short squeeze;the real reason being the SEC and OSC now figure this scam is the other country's responsibility to investigate. The Mississauga office is either barren, perhaps not even still in existence.This is a Nasdaq listed company, not traded on any Canadian exchange. Indeed ,citizens of both nations lost their shirts,EK,is American,the hype was orchestrated by the gorilla newsletter, Sphere head office location irrelevant at this point..
P.S. If a China based Nasdaq listed company bilked its predominantly American shareholders,would one not expect the SEC to investigate? My feeling is both Canadian and American watchdogs kicked the Spiffy tires, found it either too small, not enough shareholder complaint,or too hard to prove in court.
A well executed plan by the "Greek" and his pumpers, Crime does indeed pay at times.
TDG...I got it. tks
There were plenty of anecdotes to remind us in hindsight that it was all BS from the very begining,one of my top ones was from htfBS in the early stages..." As a priviliged subscriber,we are only informing you of this game changer , future internet behemoth,so keep it to yourselves,as we want our readers to get in first".Years later as the stock started its nosedive,we were advised "this stock is being kept low by shorties,plus the whales are holding back as they want to get in cheap".
My401,
Excellent memory,yes it was indeed me who visited the Mississauga offices;a very giddy junior employee introduced me to some PR guy who tried to impress me with total nonsense(I am not a tech guy yet still knew it was BS),a year later I drove by their offices to find it surprisingly devoid of "working" staff.As I told Derek, I honestly don't know if Sheldon personally profited or not;his employers certainly lost a truckload.
If any future believer invests even a small amount into future spiffy promos or related promoters,they will deserve what they are asking for.
I am dying to find out your previous moniker,please indulge us. M+ , Marsh
Derek,I have been whining for years that the much ballyhood TSX delisting and moving to Nasdaq was all part of the grand scheme;OSC figures this mess is now an SEC problem, and vice versa.Valid point in regards to SI,I guess we will never know whether he personally lost "his shirt" or bought another villa.
SI lost his shirt and job for his misadventure with Spiffy.His late afternoon raids bidding the stock up before close should be well documented.Cyrus held on to the bitter end,probably too scared to "monetise"the loss in it's balance sheet.The SEC must have looked at all this and concluded not enough evidence to prove in court..Or small potatoes in the scheme of things.
TTommy,I am truly sorry to hear of your losses.I would really like to hear(and learn) from you on WHY you stuck with these shares to the bitter end.Did you ride it up and than down?Or were you a late entry?
Well said..Thanks..
Sympathy? More like bewilderment ,this stock ran from pennies to ten bucks,Instead of cashing out, or playing with "house money",some doubled down,than failed to put in decent stop losses,or buy puts for protection.I believe the likes of Opus have not sold for the same reason some banks rather "extend" bad loans....Writing off worthless paper looks terrible on the balance sheet.
The OVRL/Sphere marriage was at least MY eye opener, made no sense, except as you suggest ,they needed a new pump and dump,they got to mask GW's invisible revenue,OVRL was cash strapped,ANY paid 100% premium in stock for the "merger" and btw both companies were already intertwined through cross ownership and EK serving both boards.
Everytime it pops,sellers jump in.So much for the upcoming shortsqueeze and one dollar price target.
I wonder if this supposed "40 mm buyout" is a done deal, or subject to clauses not legally binding.I guess that's the nightmare for current shareholders,not me.Having been bitten twice,I am amazed they are ready to believe them another go around.You are right,10,000 dollars invested in OVRL wont even buy you a donut today.
I no longer bother to do any due diligence on this dead stock for "nothing comes of flogging a dead horse"..but I am under the impression that no 40mm has been promised..perhaps "best efforts" ,"subject to financing" are the clauses embedded into the fine print.We agree on that matter..
My interest in this stock only lies for its nostalgic value..I made decent coin on it, was very lucky to exit at the right time.The merger" with OVRL was my catalyst to part company(with huge assist from Derek). The vitriol we had to endure forced me to change my monicker.Take care, I also still drive an old Jeep. Marsh.
Thank you, I knew they were upto no good but was not sure the details.
Marsh? Love it.. what was your monicker?
As "oldies" to this saga,We remember the much ballyhood merger of equals,where 1+1 was supposedly going to turn it into a behemoth.The stock catapulted from 6 to 11,before the nosedive to below two cents..Today,s action means boo as combined debt still exceeds equity value by a considerable margin.
July3, 2014, $256.14 U.S.
This stock was at $250 three years back,Whether it doubles from here is good for traders like yourself. Longs will thank the opportunity and sell.
If I had a nickle for everytime I heard "short squeeze"......
The shareholders will vote tomorrow to "spin off" OVRL from Sphere.Short squeeze? Or buy on rumour sell on news?
Needless,he does not realize the different tax implications in "booking" a loss and carrying a toxic position into the future..
Does it even matter?
and salaries
Debtholders HAD NO CHOICE but to receive interest payments in stock, they than sold it in the secondary market. Go read the covenants.If anyone was shorting at 35 cents, they deserve to lose their shirts;no different from longs that rode it all the way down.
Bang On.
lol, regardless of the reason, somebody got away with murder.With Spiffy,some bought Villas,others lost their shirts...innocent till proved guilty. :)
Ask O.J and Marcia Clark about "hard to prove"...
Ask the SEC and habitual pursuers of class actions why they haven't bothered.
Thanks for the trip down memory lane. The newsletter and it's two pumpers on this forum are long gone.They did indeed help propel Spiffy shares from penny status to double digits.I believe they reaped millions.
Insider trading and Pump and Dump schemes are illegal,hard to prove in the court of law.No wonder SEC and ambulance chasing lawyers are not interested in taking up this case. M+.
I have tried my best, the tea leaves have not read well for quite awhile.If you like it, keep buying and good luck.
You are quite right ,"you gotta be in it to win it", so ran the lotto commercials in Ontario.I suppose that is why I keep buying tickets.Same odds as buying spiffy past three years.
From $10 to a penny,or was it from $250 to 34 cents?.
IMO,it would a folly to play this stock from either side,long or short.Safer to trade bitcoin.(Relatively speaking).
I believe, those in the know,"sell" the stock ahead of anticipated supply, buy it back cheaper direct from the company.Great timing? Or a scam?
MSFT(Azure) Dell were yesterday's stories,dont forget the spurned $23 share offer(pre 1x25 reverse).
2018 version is a bit more ambitious.
TSLA, for GW in driverless cars,
AMZN,for GW in drone operated home deliveries.
And NASA could always try and scoop it up in the cheap(eight to ten bucks a share) for its manned Mars mission.
I predict management would refuse any bids below $23 a share..
In which case,they only have existing shareholders still supporting the stock to blame,for this is pump and dump 3.0 .