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Good, change is official.
Although with the symbol and name change, I think people here already knew.
Regardless, SEC filings are good.
Good Morning all!
Decent amount of volume yesterday, let's see if that continues.
I wonder if the the market makers spooked potential buyers away!
Also waiting to see if we get a PR this week, if yes, we may start to run.
I think a number of traders sold their cost basis yesterday in the $0.12-$0.18 range.
Sorry, I didn't see this.
I thought we would get the final order from the appeal court and then Sprint COULD appeal that.
I am not a lawyer, but perhaps you are better versed than me.
Anyways, looks like the $0.70s selling is just about done.
Market makers want more shares.
Sell 5K here and 10K there hoping that someone with a lot of shares, sells them in a panic.
And with that, we don't close anywhere near the high.
iHub says the stock went up $0.0041 today.
A lot of people who would have caught this on a scan will now get nothing.
Maybe we can grab some more under $0.10
So we should say thanks to the market makers.
Not sure on your account size, but I would just hold on 10k shares.
50k, not so much.
I was hoping for a dip, but it seems like $0.03 was hoping for too much of a dip.
Now it will hit scanners and we probably don't see $0.06 for some time.
Filled with regret now.
Hmmmmm....
Wonder if Market Makers let this tap $0.21 so if we close at say $0.18, it's not at the high.
Try calling them.
Wow.
$0.21
Guess my $0.03 bid ain't worth shiet. LOL.
Watch for new people trying to talk us down. LOL.
My broker somehow connected the $0.05 close from Friday to this ticker, but still didn't convert my shares.
As I have said several times, today was going to be write off.
This is because brokers use 1980s systems in 2017.
Not much we can do as retail. I don't have a spare Billion Dollars to update the industry standards.
It's the same concept.
Many brokers still use systems from the 1980s to process this stuff.
For many, it's not really a live system, it still involves a lot of manual work.
Like my broker thinks SSGOF is a new listing while the old ticker is lost and doesn't recognize the change.
First day hiccups should be expected.
Yeah, I know the calendar says 2017. But it doesn't change the fact that many still use 1980s systems.
Again, it's always messy when an OTC stock changes.
Very few people know about this company at this point, so it's not like brokerages knew SSGOF was going to start trading today and that the old ticker holdings should be converted. Well, I guess you would hope that FINRA change would change everything at the brokerages, but it doesn't.
This is why I said news on Monday - the first day of trading for SSGOF would be a horrible idea.
Again, do you want to buy shares at $0.05-0.10 before everyone knows about SSGOF or do you want to buy them at say $1 per share?
People may be too new to remember this, but some brokers got into hot water because clients sold the old number of shares in a company that did a R/S.
This is why brokers basically don't let people trade stocks that they hold through a reverse split .... until they get the new share counts.
I have no worries as my broker will let me sell if I call them.
It's just that I would be temporarily short SSGOF until the conversion happens.
My broker has this set up to buy ....
But has not converted previous ticker holdings to current.
Probably takes a couple of days, maybe have to call them.
Rather a PR later in the week or next.
Tomorrow would be bad because brokers may not have this available to trade.
Probably someone sold short shares to "create" them.
Now people have paid upwards of $0.90 for something that isn't worth anything.
Look at March 16, 2017 trading. 10 Million shares traded for less than $0.01
Also note that the Magindustries website which was up earlier in the year is now down.
I am pretty sure that someone - or a group - has drummed up trading and more than likely has sold short shares that wouldn't otherwise be worth anything.
HDOGTX is probably right in that someone should look at who made the trades.
This ticker should have been delisted when the TSX shut down the listing for failure to report financials in a timely manner.
And if not in 2015, it should have happened in 2016 when they never responded.
Apologies, I meant to delete the word management.
It started off as a management Cease Trade Order then it became a general Cease Trade Order.
Then it was delisted from the TSX.
Just so people know, there is a permanent management Cease Trade Order on the stock on the TSX:
http://www.marketwired.com/press-release/magindustries-announces-issuance-of-general-cease-trade-order-tsx-maa-2025700.htm
From a little digging ...
In a hearing in regards to a temporary cease trade order on April 29, 2015, management promised to deliver Dec. 31 2014 year-end financial statements by June 1, 2015.
They have never delivered the financial statements and that is why there is a permanent Cease Trade Order in Canada.
Look, this isn't the Cloud Employee Company.
However, it is the miniature Airbnb company.
When Airbnb goes public as they may later this year, do you think their shares will be trading around $0.05 each?
We found this before the market knows about it.
If it's done right, I am sure everyone here will be smiling.
I think the owners of Stop Sleep Go, do not want to be linked to the previous business.
That's why they have been quiet.
I think Monday, Tuesday - perhaps the whole week - may be quiet as things get realigned.
That is, SSGOF will be on otcmarkets.com, the new name and ticker will be on Yahoo Finance, Google Finance, etc.
Putting news out on Monday - or at all this week - when most brokers won't have SSGOF and the previous ticker linked is a waste of effort.
So, I wouldn't put a lot into hoping that Monday is fantastic.
However, I feel confident that something will happen in time.
I know it's strange that Stop Sleep Go has been quiet, but it serves a purpose. They don't want to be linked to the prior company.
What you posted clearly implied that an R/S is imminent.
Perhaps this is worthless.
But your comment should not have been made.
At least, not for now.
Nothing on the daily list and I didn't see it mentioned in the 8-K as of yet.
This could all change of course.
New documents regarding bankruptcy were posted yesterday claiming equity gets nothing.
I am not entirely convinced equity is given nothing.
The documents filed by the debtors used an incorrect number in coming up with their whole equity interest get nothing.
Yes, equity only gets something if and when debt is paid.
However, after going over the documents, I noticed a slight difference in the analysis with amount being $179.5 Million and not $189 Million.
Maybe the analysis is 100% right, but based on what has been reported previously it seems it is not.
I respond to you because maybe you want to know why it's not such a nice day.
I see the insider's also have a large amount of warrants.
Might be interesting here at some point for some trades.
OTCQB stocks are up to date with filings.
Keeping an eye on this.
Where did you get the news about theft and shut down?
Is this the news from August 2016?
I just wonder if there is new theft and that is why the stock is down.
My understanding is that somehow DEAC will come up with $4 Million and needs to complete a 1:1000 reverse split.
Anyone have an idea about what WOD Market LLC is? That will tell you if this is a good deal.
Lots of volume for the stock.
850K and going.
Higher low today.
Yeah, I wanted $0.90s again, but this will do.
Expect a bounce if the company doesn't file for bankruptcy over the weekend.
I don't expect it, but some people think it's right around the corner.
I expect some buyers to step in.
Nice buy towards the end of the day.
I am fairly certain that it will just provide total numbers.
But I am not a lawyer, my understanding is from basic online research that I hope is correct.
Just like I bought and held PRZM with the belief that they would win the appeal. (Well, more than 20% likely.)
Well, it's not really winning the appeal. It's more that the courts don't like to reverse decisions unless there is something extremely wrong or biased.
Just like the other appeal cases recently disclosed. Yes, PRZM lost those cases, but someone had already decided something. Once a decision is made, it is more difficult to change - unless the judge was prejudiced in some way.
So, what do you think of the website that mentions the fact that the Bauman family has interests in several properties?
Why would they complete the financial reports and make them up to date?
At the very least, it's intriguing.
I believe they have 15 days after the final judgment to speak up.
And I believe final judgment is due by March 20 ....
That puts us around April 4th.
Well, this was the first formal appeal.
So, I think their is some leeway on standards.
If they were to continue with a very shaky story, then the courts may fine them for essentially wasting time.
Hmmm.....
There is 4 Million shares short.
Will have to see if they start covering.
Looks like the shorts won this time:
http://www.marketwired.com/press-release/gordmans-files-voluntary-petition-for-relief-under-chapter-11-2202331.htm
Personally I would like to see Sprint hit with some penalty for deliberately dragging the proceedings if they kept appealing - instead of paying.
For someone like Sprint, they can withstand a long battle. It discourages others from filing similar suits.
As I mentioned elsewhere, we are in limbo.
I believe the court has until March 20 to issue a final judgment with amounts. Sprint than has 15 days (April 4th?) from the final judgment to file an appeal.
I still think someone wants a cheap buy-in and that is why we are below $1 ... they are hoping some people bail.
Some risk has been removed which is why we are not $0.30 right now.
But there is still some risk, which is why are not $1.20-$1.50 (or higher).
I hope everyone is enjoying their weekend.
I know that I sleep a little better knowing that we won the appeal and hopefully I don't become sleepless again. LOL.
Take a look at this:
http://www.nasdaq.com/symbol/gman/short-interest
Shares short as of Feb. 28, 2017: 1,768,029
Seems like someone needed this stock to take a beating.
I have taken a small position here based on the idea that shorts took this to the woodshed.
The stock is down 80.83% in a week.
Could the company still be filing for bankruptcy?
Yes.
However, if Coca Cola, Amazon or Apple were asked if they are they filing for bankruptcy in the same circumstance, their company would also have the same nondescript response.
So, I personally have to say thanks to the Shorts that gave me a cheap trade.
Again, I could be wrong in thinking the company is not bankrupt.
I am just saying that the current price is saying their is say 80% chance when it's more like 20%
I posted this idea elsewhere, but think people here may be interested.
Rumor about bankruptcy started last Sunday (March 5).
The stock price had no movement until after article was released on Bloomberg at 2:21 pm on Monday.
Article: https://www.bloomberg.com/news/articles/2017-03-06/gordmans-department-store-chain-said-to-prepare-for-bankruptcy
What the article doesn't mention is that the company is in a quiet period. That is to say that the company is unable to say anything publicly as financial earnings are not reported to the public as of yet.
I believe that someone very likely shorted $0.30 and above knowing that the company could not say anything.
As the company has remained quiet, fundamental sellers have started to sell.
At this point, the original shorts are likely out. They made 100% profit (they sold at $0.30ish and bought at $0.15ish). They would be greedy to stay in.
Man, if there was good news, all those shorts covering today would have got smoked.
Instead they pound this forcing sales by longs.
SWOOSH.
Seems like lots of demand ....
I am unsure if that was a push by shorts to get people to sell.
There was just so much buying there ...
Shorts seem to be in control.
News would be nice.
Hmmm ... maybe the payment for the month?