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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?
Looks like bounce time.
$1.60s have been good support - not so much traded below that.
The guy with the 50K share order is helping us stay in the $0.80s
Why buy 5,000 shares when someone wants to sell 50,000?
Watch Market Maker DLNY
If they keep the ask down, I believe that someone is trying to load up cheap.
Again, they don't want to sell shares, they want you to sell.
I will say that this sort of proves that holding for some binary event is usually not worth it.
As you can see, someone could have bought at $0.70-0.75 after the court announcement.
This means for someone buying at $0.35, they had a 100% gain.
However, if the news was opposite, this likely would have gone to $0.10 if not lower, thus a 71% loss.
Kind of crazy that we risked 70% to possibly gain 100%
Of course, I feel we should go higher. My point is that holding through all that was probably not worth it.
Binary stocks are not worth the risk. Better to wait for the news and then act.
There are probably people on the sidelines who want to buy-in now that the news is out.
Again, the 8-K gives this some official weight and I believe we should trend higher.
Also note that another IP stock on the NASDAQ is going crazy last night and today.
PRZM could go on a sympathy run.
I know it should be the other way around as we actually have a judgment, but for now we are OTC .... so when the NASDAQ dog runs we are the tail that wags along.
I feel like the 8-K brings some official feeling to the news for the company.
I don't know if you remember this, but when I posted the delisting PR - and the company's website said it was delisting as well - a lot of people doubted it until the 8-K came out and said the exact same thing.
Yes, you and I and others actively watching the stock know what happened, but the news probably didn't get out as much as we would have liked.
The 8-K filing gives it legitimacy and many more people are willing to trust an SEC filing over a PR.
Of course, the CAFC is an official source as well, but in this case, it just gives the information in the 8-K even more credibility.
Level 2 Data basically said some trader was trying to unload the whole afternoon.
When they removed their order, it started to bounce.
Of course, they came back with their order and we stalled again.
Towards the end of the day (after 3pm) ....
It was $0.78 bid with that large order on the ask at $0.83 and then a gap until $0.95
Retail traders are being skinned for being impatient.
You held the stock and the news came.
Now, we have to wait for the news to sink in and buyers to take us up.
Market Maker DLNY is jumping the queue on the ask side because the spread is very wide. They don't want to sell - they want you to panic sell.
I am pretty sure that this is being held because someone wants to get some cheap shares.
The news has come ... but those that weren't in, want in for a low price.
Good job to the guy leaving the 35K order out there.
Everyone is waiting for them to just bail now.
Joke Offer. PROOF below.
On February 8, 2017:
"As of 5:00 p.m. Eastern time on February 8, 2017, 1,036,239 common shares have been tendered and not withdrawn."
Final Results from February 24, 2017:
"SunLink accepted for purchase a total of 280,558 common shares at a purchase price of $1.50 per share, for an aggregate purchase price of $420,837."
What a joke that offer was and the amount of shares tendered confirms this.
Well, the company has said $2 Million pre-trial and $2 Million post-trial.
Even if it is split, it will just about pay the gain on those expensive loans they handed out.
To be fair they needed the loans, but they did cost quite a bit.
Here is the official PR:
http://www.prweb.com/releases/2017/03/prweb14125282.htm
PRZM has utilized PRWeb for other recent releases.
This came out from Bloomberg at 2:21 pm:
https://www.bloomberg.com/news/articles/2017-03-06/gordmans-department-store-chain-said-to-prepare-for-bankruptcy
I see no trades from 1:06 pm until the this report came out.
Retail in general has not reported good things from final quarter last year and looking over GMANs financials, it looks like they loaded up thinking it was going to be the best ever.
Might be a co-ordinated hit job by some short.
Short at 0.30 and higher and buyback lower.
The big move will cause some to sell without thinking. Better to have $0.20 than $0.01
DLNY curb stomped this as there is many people who have $1 orders out there.
Lots of people wanted out, so they brought it down.
There has been a couple of retail sellers, but you can see there is not much under $0.80
I am thinking $1.50 is attainable.
Hard for me to give valuation to other claims.
This one may make others take PRZM more seriously.
That is they may get better settlements.
BOOM.
AFFIRMED.
http://www.cafc.uscourts.gov/sites/default/files/opinions-orders/16-1456.Opinion.3-2-2017.1.PDF
Also, no further judgment awarded.
On Level 2 we have DLNY who is a known short seller.
Probably trying to scare a few people into selling.
$0.6501 10,000 bid with $0.65599 on offer.
If this was NASDAQ we would have been halted already.
Wondering if we will get halted on the OTC?
$0.44 bid now and $0.56 on the offer.
Hmmm....
Wow.
Someone is buying.
12,815 bid at $0.40
15,109 bid at $0.38
I wonder if someone read this news and is buying a small speculative position or if news leaks.
It looks like 8:30ish is when courts initially put in opinions and it's online around 11:00am
Yeah I saw that over the weekend.
Well.
The stock is priced as if it is 80% likelihood of hearing NO.
Most people don't think this has a chance.
I hope people on 'twits didn't put 100% of their funds here.
I hope all goes well and we hear good news week.
Just remember that we did buy something that said 80% No.
FYI.
DCT Cases heard in the court of appeal in early December have had their opinions released on March 1 and March 2.
Could be close.
Still hoping that they affirm the judgment of the lower courts.
Still a good story.
Just hoping to get some decent trades.
I got some for a bigger ride though.
No Dilution?
Equitas and their $300,000 Convertible Notes says "HI!"
I see no awareness program yet.
Waiting for more of the Equitas taps.
Hopefully they give a few more.
T-Trades tell the truth of the matter.
Every story has to start somewhere.
Whoever is buying big may be getting an awareness campaign started shortly.
We shall see what happens.
Equitas getting tapped out?
Fun times indeed.
Let the run begin as well as the awareness.
Possible $30 Million in partnership with A&G Supply
Major sales deal with D R Horton.
Silex Holdings four contracts worth $400,000 in one month.
Silex Interiors Franchising
Lots of things going RJDG's way.
Once the awareness program begins .... we fly.
So, I imagine whoever is loading may be getting this primed to go.
Also note that these Secure Axcess appeals were heard in November.
I personally gave an estimate of late February as it was 75-80 days.
But using Secure Axcess case, we may be pointed towards a late March decision.
It is quite strange that we have seen spikes up followed by continued selling on a low float. That suggests shorting.
Sometimes I wonder if there is phantom volume to generate interest in hopes that people buy high and sell low.
I view PRZM as a stock contingent on winning the Sprint appeal.
As far as I can tell, it doesn't seem like their is a lot of value elsewhere.
Again, I gave the valuation of $0.50ish and 2 of the 3 outcomes left little to nothing to shareholders.
$0.30 is saying the market believes there is only 20% - or lower - probability of success.
What I mean to say is the insider buying may not really represent confidence .... it's just that they have more than 20% confidence of success.
To someone like Chookaszian, 100,000 shares at $0.30 is like pocket change.
My valuation in the past suggested $0.50ish valuation based on the uncertainty giving equal weights to 3 outcomes.
Yes, there is a good chance that shareholders get $0
But with a $0.30ish valuation, it suggests less than 20% likelihood that the appeal is favorable.
I still believe we are close to hearing either way here.
Hopefully it is good for us shareholders.
Today's 13G filing also solves the question of who bought the large block of shares recently.
I also believe it answers why there was a lot of small trades.
What happens someone wants a lot of shares is that they usually employ a market maker or institutional trader to buy the shares at or below some price.
After the shares are purchased, the large blocks are transferred to the buyer (hence the big block).
I believe trading will be a little bit more fluid next week and we should know if someone is slowly accumulating more.
Since we have a couple of more followers ...
Here is some interesting information:
According to the OTCQB Certification filing:
https://www.otcmarkets.com/stock/PRZM/filings
Insiders and control persons owned 3,590,646
Today we received a new filing that another individual has control over 522,167 shares.
This brings the amount held to 4,112,813
Total Outstanding shares: 10,073,751
This means that insiders and control holders own 40.8% of the outstanding shares.
Hmmm ...
Now that I think about it ...
RSA Security LLC makes those RSA SecureID Tokens.
It's a device that provides users with a key to login to a secured site.
So, I can sort of see how they are utilize the patent in regards to Claim 24.
I am not sure how come claim 24 was not included, but I could see how RSA Security utilizes it.
Does it make sense for a company to only license a claim in a patent and not the whole patent?
https://www.google.com/patents/US7631191
Claim 24: The system of claim 17, wherein the authentication processor is further configured to receive a preferences key from a third party.
Claim 17: An authentication system comprising:
an authentication processor configured to insert an authenticity key into formatted data to enable authentication of the authenticity key (i) to verify a source of the formatted data and (ii) to retrieve an authenticity stamp from a preferences file.
I am guessing that it means that the configuring of an authentication processor system to receive preferences from a third party.
I am not sure how Claim 24 is separated.
However, given that one case threw out all claims in the same patent, it seems to suggest that somewhere along the lines either EMC CORPORATION or RSA SECURITY LLC may have licensed the patent in regards to Claim 24.
That is to say the Secure Axcess was likely trying to get more out of their patent claims.
You need to remember that in that case, Secure Axcess (Prism) was looking to overturn the decisions already made.
In my opinion, the courts do not like to overturn decisions already made. Whether it is by another court or some other government (or government like) entity.
Of course, "losing" the cases doesn't look good, but it does go with the idea that the appeals court doesn't like to overturn decisions.
This is why it is important to look at things like did the lower courts have some sort of Vendetta against Sprint (in the big case)?
If yes, perhaps the $30 Million award is not warranted.
Again, as I own shares I am biased. However, I don't see the real reason as to why the decision should be overturned.
Sprint and Prism took the risk of going to trial.
One side "won" while the other didn't.
The thing I don't like is Prism's attempt to get an even better outcome.
I understand that they can say it, but I think sometimes you should be quiet.
I think you put up the 24K order earlier, right?
So, it is possible to go between the bid and ask.
First day after moving (or split) is always strange.
Did you or are you going to pick up the shares from panicked Robin Hood users?
It is possible to put orders in between the spread.
Just wait a couple of days and this should be back to normalish trading.
Today a number of people need to call their brokers to make an order.
Nothing to worry about.
It's hard to say if a market maker is involved.
If you are looking for messing around, look for double orders.
Let's say you put an order in to buy 5,000 shares at $0.40
However, on the ticker tape, you see a trade for 5,000 shares at $0.38 and then an immediate trade for $0.40 and you got a fill for $0.40
In that case, you got screwed.
Don't worry though, it's usually smaller brokers that pull this stunt.
This is why I stay away from some of the smaller brokers. They may offer low commissions ... but then they skim your order.
eTrade doesn't really pull this as much as others.
I don't see the trades so, can not tell you either way.
No one is buying and no one is selling so far.
Someone placed a 5 Million share order at 0.0001
So, at leas we have interest?
Ticker remains same. The issue will be that broker hasn't updated ticker information from NASDAQ to OTC.
This can take a couple of days. I might call when I get some time so that they will kick it over properly on my brokers side.
I expect that for most, it should be corrected by Monday.
There has been no change since 9:30am.
The website is a bit strange in that the Level 2 Data is real time but the volume and range is delayed by 15 minutes.