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For my clarification, are the escrow shares the former wamuq, wamkq, and wampq shares that are still listed in our brokerage accounts? Thanks.
LOL, ICPA will NEVER see .0001. It might continue in a downtrend for the time being until more unfolds but saying wiped out is just laughable (and ridiculous for that matter).
Yep, exactly. All should take note and not forget. I'm with you on riding this out...got in at .0015 but unfortunately didn't buy a big bucket of shares on the cheap.
FWIW, my take on yesterday's action was voracious profit taking induced panic selling which IMO, would explain the sharp drop in price (as others have stated to which I agree). Think about it, what changed yesterday around 2:00? Nothing changed with the fundamentals and no stock will continue to climb forever without pullbacks. The fundies remain the same and according to TA, the stock is still like a 96% buy. Lets see what happens today but I wouldn't be surprised if it came down some more especially if people start believing the sky is falling which I do not. I for one will be waiting this thing out much longer.
Agree 100% (eom)
Best stock I've been in for a long time. In at .0015 months ago. Loving it.
FWIW
ICPA - Ic Places Inc. (OTC)
Date Open High Low Last Change Volume % Change
04/25/12 0.0191 0.0258 0.0165 0.0220 unch 27098268 unch%
Composite Indicator
Trend Spotter TM Buy
Short Term Indicators
7 Day Average Directional Indicator Buy
10 - 8 Day Moving Average Hilo Channel Buy
20 Day Moving Average vs Price Buy
20 - 50 Day MACD Oscillator Buy
20 Day Bollinger Bands Buy
Short Term Indicators Average: 100% - Buy 20-Day Average Volume - 16822225
Medium Term Indicators
40 Day Commodity Channel Index Buy
50 Day Moving Average vs Price Buy
20 - 100 Day MACD Oscillator Buy
50 Day Parabolic Time/Price Buy
Medium Term Indicators Average: 100% - Buy 50-Day Average Volume - 12165237
Long Term Indicators
60 Day Commodity Channel Index Buy
100 Day Moving Average vs Price Buy
50 - 100 Day MACD Oscillator Buy
Long Term Indicators Average: 100% - Buy 100-Day Average Volume - 19627686
Overall Average: 100% - Buy
Price Support Pivot Point Resistance
0.0220 0.0121 0.0214 0.0307
Let's us know what you find out. I contacted ST today (just realized my shares were gone, LOL) and they are sending my correspondence to their complaint department. I'm supposed to get a response back via US mail in 7-10 days but any news on this 2110 rule would be appreciated. Thank you.
I have c2 for my commons and c2 for k shares as well. ???
Scottrade users: This may have been asked and answered already but once you vote, have your shares been locked in your account? My co-worker has etrade and his shares got locked the following day. Mine still say wamuq and wamkq in my ST accounts. If you have had your shares locked in ST, is it a cusip number or something else? Thanks in advance.
You can also go to your local branch. I went to mine today and filled them out in person (I received the preferred ballots in the mail from ST but not the commons). After I was done filling them out in front of my broker, I had him call Corporate to make sure everything was filled out correctly since I have multiple accounts. I then had him make copies of my ballots and had him sign and date my copies as proof. It is ridiculous that we even have to do this...the ballots should have all been sent with adequate time to complete and return them.
Good to know. I'm going to my branch tomorrow to fill them out in person since I only received the preferred ballots from ST.
I plan on making the hour trek to my local branch next week to fill out these ballots in person considering that I still haven't received any of them. It seems like Etrade people have already cast their vote and have had their shares locked. We ST users still haven't even received a single ballot in the mail. Once this wamu debacle is over, good-bye Scottrade (been wanting to do that for awhile but didn't want to make a move with this bk case were in).
Will do. Thank you.
Figures. Guess I'll have to make the hour long trip to my local branch if I don't have them by Monday.
Scottrade users: Have most of you received your ballots yet? I've contacted ST several times and they said the ballots were mailed out on 1/20/12 ( a week ago today). I still haven't received any...have you? Thanks.
Basically the same response I received from Scottrade.
Always liked your style. Looking forward to your future picks. I too like those stocks with the potential for big growth. Unfortunately, I've seen a trend over the past year or so where its getting harder to be in stocks that go up 1000%+ when people flip for such small gains. Then they bash it down, buy in, pump it up, sell, and bash. Highly annoying to say the least but that appears to be the norm.
Anyway, keep up the good work Harry.
Nice to see the sp back to where I bought in. Lets keep it going.
This probably has already been asked but is there a conversion for wamkq and if so, what is it? Thanks in advance.
I have ST but I didn't see anything like that. According to the quote on ST, OS is 286.8 million. ?????
I definitely agree with your last sentence. It seems to be harder and harder to be in multi day/week runners anymore. Trading the stock is obviously how to make money but the majority of stocks don't seem to get much of a chance before they crash back down. I do have this board marked b/c I think Harry is good at research.
So how do you guys get to buy/sell a stock in the same day? Do you use margin accounts b/c with a cash account, there's the 3 day free ride rule. I would appreciate an answer b/c I'd like to be in/out quicker to lock in more profits as well. Thanks.
Looking forward to it
Thanks Cork. I like trading Q's even though the odds are getting stacked more and more against shareholders. Makes me think back to ABWTQ. I'm still PO'd about that one.
Interesting article. Wish it was the mid 1980's right now.
Why People Buy Stock in Bankrupt Companies
Ignoring the odds and hoping for leftovers after the debts are paid
By Tiffany Kary
BW Magazine
The Rise and Inglorious Fall of Myspace
Market America's American Dream Machine
How to Save Greece
Bloomberg View
What Now, Chairman Bernanke?
This Issue
May 23, 2011
Blockbuster's stock must be worth something, says Ron Krenn, a 48-year-old day trader in Daytona Beach, Fla., who hopes to profit on the equity of what was once the world's largest movie rental chain, seven months after it filed for Chapter 11. He's not alone. Since Sept. 23, the date of Blockbuster's bankruptcy, the stock price has ranged from 4 cents to 23 cents, with volume averaging 5.46 million shares a day.
Krenn and others who buy stock in bankrupt companies such as Lehman Brothers, Washington Mutual, and Borders hope there will be money left over for equity holders after all the debt is repaid. It's an increasingly risky gamble. Bankruptcies are less likely than ever to return anything back to stockholders, according to a new study.
Once a company files for Chapter 11, creditors are paid first in order of their seniority, with shareholders coming last after senior lenders, unsecured creditors, and holders of preferred stock. Unless creditors are paid in full, shareholders get nothing. If the company reorganizes, any stock in the new company usually goes to creditors.
Of 41 bankrupt public companies that announced reorganization plans in 2009 and 2010, only four delivered returns to shareholders, according to a study by Andrew Wood, a student at the UCLA School of Law who works with Lynn LoPucki, a UCLA bankruptcy law professor. Of the companies that went through bankruptcy from 1991 through 1996, 44 percent had returns for shareholders. The figure was 78 percent for those that went bankrupt from 1982 to 1987. "The number of cases in which equity makes more than a nominal recovery has steadily declined since approximately 1987," wrote Wood. The study cites an increase in the amount of secured debt carried by companies as one reason for the decline in shareholder recoveries. Wood also found a decline in recoveries for unsecured creditors.
Some speculators beat the odds. LoPucki cites the case of Tronox, a producer of titanium dioxide pigment, which gave shareholders 5 percent of the new stock when it reorganized. The shares trade near $130, up from $123 when the company emerged from bankruptcy on Feb. 15.
Stock investors don't get a final accounting until a bankrupt company files a disclosure statement, which details the terms of recovery for each class of creditor and announces whether existing shareholders get anything. Until then, the stock continues to trade as secured creditors and unsecured creditors fight over the company's worth and investigate potential lawsuits that could bring money into the bankrupt estate. Some investors bet on the stock, while those who sold it short—borrowing shares and selling them, hoping to buy them back later at a lower price—unwind their positions. Purchases by short sellers can sometimes lead to a temporary runup in price.
Blockbuster, which has yet to file a disclosure statement, said in a May 9 regulatory filing that it "anticipates" its A and B shares will be worth nothing. Krenn, who bought Blockbuster shares for 6 cents each in February, says he saw the company's regulatory filing, but dismissed it. "I still believe there is more to this shell," Krenn wrote in an e-mail on May 12, saying he was buying stock on the dips and awaiting news on the value of the company's Italian assets.
Some investors may trade on news about a bankrupt company without fully understanding it. Paul Rachmuth, a bankruptcy lawyer with Gersten Savage, represents Blockbuster shareholders. He says the sale of the company's assets to Dish Network (DISH) for $320 million on Apr. 7 effectively ended the chance that shareholders would get any money. Nonetheless, from Apr. 6 to Apr. 8, the stock rose 17 percent, to almost 7 cents a share. As of May 16, it was trading at just above 5 cents a share, giving the presumably worthless stock a market value of $9.7 million.
Jon Becker, 53, who owns a grocery store in Miami Beach, bought a few thousand dollars' worth of Blockbuster at 10 cents a share in February. He was still holding the shares when Dish Network bought the company's assets. Becker says he did not realize that the stock could end up worthless. He can't believe there was nothing on his screen to differentiate Blockbuster from other stocks he buys on E*Trade Financial (EFTC): "It's a different category than normal risk," he says. "If it's foreseeable shares would go to zero, I would think the powers that be would flash something—some kind of warning." Why did he buy a bankrupt stock in the first place? "My thought was, this is Blockbuster, it will come back," Becker says. It didn't. He finally sold at 7 cents a share.
The bottom line: Only 4 of 41 public companies that went through bankruptcy in 2009 and 2010 produced returns for shareholders.
You could say that about every penny stock in existence and be correct. Stocks go up, stocks go down. In pennies, the swing is much more violent after a run. Wow...news flash! Thanks for contributing.
Thanks Kev. GLTY(eom).
Don't need to buy buy buy brother. Bought my shares in April. Sitting on good profit now.
If something wonderful lay ahead for CGSYQ, somebody out there in the know would be loading their boat to the point that a 67% loss of value in the past month could NOT have occurred, IMHO. It occurred... curtains for CGSYQ.
Maybe...maybe not. With these Q stocks, it is usually a good bet that shares will be cancelled (as everyone already knows). That's the nature of the beast. But I remember hearing the same thing about QSG*Q in April 2010 when the share price was around .001. It reached a high of .58. Not saying that will happen here but you never know. Its worth throwing a few bucks at it...like a slot machine;)
2x value plus may come to fruition just like your many comments on how equity will be "toast". None of us know the outcome. That is the only fact I've believed in since day one 3 years ago. Guess will have to wait for this roller coaster ride to come to an end. I just hope it is "soon enough" :)
I'm with you Voodoo. This has always been about the end game for me. Let the flippers flip, to each his own, but I'm holding mine until the mad end of this 3 year long roller coaster ride.
Thanks for responding.
When did you speak to Dan?
Wish I knew that answer to that. Honestly, I have no clue. I have this stock on the back-burner on simmer. I'm going to hold and see what transpires. I always keep my expectations low...that way there's little disappointment if it doesn't work out. This may turn out great or we may end up an empty shell floating around in limbo for an eternity.
Sunshine,
IMO, this stock (like practically all Q stocks) is definitely a gamble. Will it pay off, only time will tell. Let me give you a situation that I found myself in back in March/April 2010 with QSGIQ. I bought $200 worth of that stock at .002 (100,000 shares). Shortly afterwards, the stock flatlined and people on the board were preaching the same thing as here...the stock is dead, its going to no bid, shares will be canceled, etc., etc. So thinking I made a stupid decision to buy, I sold my shares to recoup some of my losses. Well look what happened and what is still happening with that one. It went up already to .60 I think. Could have turned $200 into 60k. So what I do with most Q's is to take a small monetary position and wait to see what happens. Unlike what you've heard on this board, not everyone has sold out. I bought 300k shares of CGSYQ at .0005 (a whopping $150 investment LOL). If it works out, great. If not, $150 won't affect me in the least. Everyone has to make their own decisions obviously but for me, its worth waiting to see what happens. And yes, most of the time shareholders do get hosed in the end.
I've always liked your steadfast position about wamu. I bought the majority of my shares 3 days post seizure and have been holding and adding a little here/there ever since. Like you, this stock has always been about holding for the end game. Looking forward to that final drop of the hammer! Thanks for playing (had to throw that one in Diamond
We are calloused beyond belief.
You can say that again. After almost 3 years of being in this, I think my skin is about 10 inches thick by now LOL.
No doubt there Biz. Definitely better than that day in March. Congrats to all of us that have been holding WMI stocks for nearly 3 years and especially to the people that were pre-seizure.