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Slight success story; for what it's worth...
I guess since everyone has been posting about how much they lost, I figured I'd just share that I made a little bit of scratch off of this, but I was VERY close to getting hosed.
Being OTC, I knew from the beginning I didn't want to get in as deep as some of the big players. I had a lot to lose, but the financials looked great. I bought about 5000 shares at an average of a dollar around May of 2009. Watched as it waffled from 1.10 down to .80. Then around mid June, started it's upward climb. Got pretty excited, but felt holding was good idea.
After it peaked around 2.20, I was in the middle of purchasing another house and needed some cash. Judging from the charts, I figured I could sell my entire lot fo shares, and buy it back on dip. I was right.
But before I went to buy back, the stock started to tank and all the negative news came out. I figured it was bad luck and waited until it bottomed out. I was ready to pull the trigger at sub 1.00 but something just didn't seem right. In hindsight, I should have shorted it into the ground, but I managed to come away with several thousand dollars, so I'm pretty happy about that.
Having been hosed earlier in 2K9 on some other dubious companies, I felt lucky. EGMI has made me look much harder at any OTC company, no matter how financial and morally sound it seems.
Lord Steinberg was the kicker. I researched him and found him to be quite legit.
I really wonder if he had found out the truth and then just keeled over with the news. That would be the biggest tragedy of all this...
I had mentioned jokingly that LS realized what was going on and had a heart attack. I guess it makes more sense now...
Yep, I think the fork has been stuck...
From $2.24 to $0.02 in a little over half a year. Wow. What a fall from grace.
Maybe that's why he kicked the bucket... he found out he was the largest bagholder... If I had 10million shares of a scam I'd probably have a heart attack too
LOL I didn't know there was a rule that you had to own shares of a company to post on its iHub board... Show me where it says that in Terms of Use.
Don't get all mad because someone posts an opinion that is contrary to yours, welcome to the Internet...
I think you're all just fooling yourselves and this company is F'd to the Nth degree...
They have no working capital, power struggles in management, why would anyone want to do business with this company anymore? They can't even agree on a competent CEO and half the company in the USA wants to one thing and the other half where most of their business is conducted, wants another thing...
This is one huge cluster and I feel incredibly bad for the folks who lost their shirt in this thing.
I'll admit I was floored by their balance sheet and amazing numbers, but in the back of mind I always heard a tiny tiny voice that was skeptical of it all.
Who knows what the real share count is ? Others have noted that thing was trading like there were several hundred thousand shares available... This is quite important to know...
Well of course they "believe" they are accurate, they're the ones who put them out there ! There's obviously a reason the SEC halted trading.
Lucky if you got a fill at .10, you can double up very easily. 100% is no joke !
So who won the "Guess the Low?" Contest ?
... And Out Come the Wolves ...
if you're into Rancid at all ;)
Guess we'll find out soon enough! Or not, maybe they'll just keep setting conference calls and then cancelling them long enough to withdraw all the cash, burn all the books and fly off to a non-extraditing country ;O
A buyout is grasping at straws here...
Nobody is going to buy out this company with all the questions surrounding the financials. Why would Bally's expend their money and occupy their auditors digging through the mess that EGMI has created ? The CFO resigning and that BS reasoning was deafening. Guaranteed he saw the mess going on and wanted no part of it...
Even if Bally's was interested, why not let the stock absolutely tank and buy the company at pennies on the dollar. That's just good business.
So much for clearing everything up on the CC... Will this thing start trading again on the 4th ? This thing will fly like a Led Zeppelin
They just canceled the CC for tomorrow. Surprise surprise!
B of A shows 8300 shares traded @ .69
What effect will it have on the pps, hypothetically speaking, even if they "come clean" and this was just a big mis-understanding ? Will the pps dip ? 30% ? 50% 75? Will there always be questions about the reporting of this company ? Is their reputation irrepairably damaged?
You might be calling an empty warehouse in Long Island ;)
From BofA
0.88
Last
0.85
Bid
0.89
Ask
0.04
Spread
0.00
Open
25
Bid Size
100
Ask Size
Down
Bid Tick
02/18/10
0.88
Prev. Close
--
Gap
OTC BB
Exchange Name
0.00 or 0.00%
That's from BoA
Surprised the ask isn't half that
So glad I decided to wait until the CC to jump back in... It was very tempting to jump in at .78 and I felt dumb when I saw it close up 11%.
I feel much better now.
I wonder what the conference call will bring now...
It will obviously happen before the stock starts re-trading. Is there anything they can say that will make this thing rise after stock resumes trading ?
Maybe LS had a heart attack after finding out EGMI was cooking the books =\
Like I said, if you wanted to buy, your opportunity is even better now at .77 than it was at .84 !
I'm sure you'll have plenty of opportunities to buy if you so like...
I see it going that way as well. It could explode, or it could really shit the bed and we can see a couple dimes again... So much uncertainty...
I can't see this thing getting any better until the CC. Then who knows what will happen. It's anyone's guess as to what that conference call will reveal. I predict 3 things will happen after the conference call...
Green on some good news
A slow bleed out into lower half of a dollar on a conference call that says a lot, but in fact reveals nothing at all.
A strong drop on some terrible news.
I think this delay will sour whatever longs are left. There is just no excuse for this last minute cancellation. If I was still a shareholder I would be FUMING right now.
How can a company with such a pristine balance sheet go to total radio silence for months as the stock tanks?
If it was good, wouldn't you think they'd schedule something a bit sooner than have the market speculate for a week ? That doesn't make very much sense. If the stock is tanking and they just want to reassure everyone that "All Is Well" wouldn't they just come out and say it instead of waiting a week ?
That leads me to believe they are working on crafting a clever outline and focusing specifically on what they want to say. Something must not be right, or they would just out and say, "Hey, we're cool. Everything is on track, blah blah blah"
Obviously, they must have been bombarded with calls and decided they had to update everyone on something. Even the mere thought of communication raised the stock 10 cents.
Now, what they say is going to have a huge impact on whether it goes back down to 50 cents or back up to a buck fifty
Can you blame him ? A huge part of his portfolio is going down the shitter 10% a day. This thing has taken a nose dive from $2.24
What did she say when you asked her if anyone was tracking what the CEO said so they could be held accountable? Did she just give you some run around ?
It's pretty alarming when there is astronomical confidence in this company as little as 3 months ago, and then everything goes to shit with very large shareholding longs turning sour and selling out.
There has be some reason for it, don't you think ?
Where is CIRQ?
Thought it was supposed to be changed over by now ?
The NASDAQ looks so far away right now...
True, but when was the last time this company put out a PR that actual gained positive #'s in the market? 90% of the PR is some statement about an MOU or some vague agreement with a company that barely provides details. Need to get some hard numbers sooner or later and not just speculation.
Well Yale, I guess I was right...
Have you jumped back in yet ? I was forced to sell out at $2.03 due to buying a house, but was planning on hopping back at some point.. I've been getting an itchy trigger finger, but I think it dips below a buck soon.
True, but 3 months ago the company was still communicating and LS was still alive and there wasn't any speculation as to how his estate would be handled. Now every time someone dumps a bunch of shares everyone thinks LS estate has dumped.
KJ, sounds like you didn't learn your lesson from the HAYZ fiasco ;)
Why is ROTH selling when they're issue PRs to buy ?