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I agree. However, not all board members are accountants. This is why you hire a honest reputable CFO and independant auditors.
I would bet that not even the president of the United States knows everything that goes on within the government.
Ummmm... The symbol for egmi is ... Egmi.
And, yupp, mine comes up invalid too.
Wow.
It would be difficult to prove that the LS estate had any knowledge of the internal goings on of the company. A judge would have to issue a court order to freeze assets IF enough cause was given to do so. It would be up to the investigator(s) to weed out who had or didn't have knowledge of any illegal practices engaged in by the company. Usually by the time all that is done, most assets have been hidden, covered or liquidated.
Bottomline: expect to lose most or all of your investment. (old news)
Why would anyone buy this stock at ANY price?! The BOD is utterly useless, I mean to let the company fall this hard without uttering a word? Books are a mess, can't even hire a CFO in a reasonable amount of time. Of course, what reputable CFO would take the position after all this? Don't get me wrong, I was a huge supporter of this company. I broke nearly every single one of my trading rules ie: averaging down, position size for an OTC, and definitely held on too long before selling. And for believing the accounting and management, I lost 35% of a $15,000 investment. I wish everyone here the best but as far as ever spending a penny on the company under it's current leadership.. "fool me once, shame on you.. Fool me twice, shame on me".
And if fraud was commited, you bet your a$$ I will participate an any class action suit that results from it.
Sometimes buying a stock like this might be a real solid move( at a lower pps) I'm sure after all is said and done the sec will require EGC to be independently audited on a regular basis. You may just end up with one of the most transparent companies on the market.
It's like when a plane crashes, although very very tragic, it puts the whole industry under a microscope. And everyone that flys afterwards is that much safer.
For sale:
5 very lightly used Poken sparks:
Will accept any reasonable offer...
May not be dead but, on serious life support..
I honestly hope for the sake of all the good people still holding EGMI, that everything isnt as bad as it seems.
However, It's like a guy accused of rape, even if he's found innocent....he is gonna have a real hard time getting a date.
I might even buy back in if they get everything in order and its not a huge deal.
Might be a good gamble at .20-.30 .
Ouch, that sux! No wonder the CFO resigned. Glad I got completely out a couple days ago.
Just wondering what a bigger stake in poken would have to do with hiring a CFO, or commenting on other business ventures that are already in the works ie: lottery, quizcards, etc...
I will check it out. It's time to get away from watching this stock for awhile.
I agree, the other words that kept coming up also were "company progress". I do agree that other items could have or should have been addressed sooner. They can always say " can't comment on that at this time" or " we are working on that" etc...
Yea, down on no verifiable bad news. Apparently, a rescheduled cc was the end of the world.
I have been more patient with this stock than any other I've ever traded. Probably because of the strong fundamentals. But, my exit point is close at .82. I will lose a ton but did well on others. So I'm still playing with house $$$. I wanted to sell at 1.30 but my wife kept saying "hold on, hold on" and before we knew it we are $5k in the red. Should have pulled the trigger long ago but, now at the mercy of the market... Which I hate!!
My take on why governance issues haven't been addressed.
I really believe there is going to be a restructuring of management due to a possible merger or buyout.
There is no doubt current management is aware of the desperation among stockholders regarding this.
There has been no mention of CFO , board members, etc...since the q3 cc. KD said those issues would be resolved by end of december. But, then they signed bally's deal and there was no progress on governance.
It is no secret that EGC has very strong connections with bally's and let's be honest EGC is an ideal candidate to partner with or buy out. They are a small profitable company with no debt and exclusive rights for china lottery, euro and domestic lottery deals, etc..
EGC being in financial distress is not even on
my radar. Cash strapped companies aren't in acquisition mode like EGC. They just paid bally's for licensing rights and 1/2 mil for poken.
Thank you peg, and may god bless your husband and daughter and keep them safe.
P, lol! Great stories.. Haha .
I know that show was bs, but man I loved it when u was a kid.
I think Bob Conrad played pappy if I remember correctly.
Well, he's sittin right next to me in fact.
Says he doesn't recall Pappy B's name being brought up but, does remember them showing clips on black sheep squad.
Oh, and no response on armed services Pokens.
But, did get an email from KD today re: the recent silence, didn't know if you saw that.
I know you said Roth has a line set at .60, what about merriman?
I think they saw how hard egmi fell on a rescheduled Cc, maybe they are trying to get some real bargain shares in case others short.
My opinion is just the fact that they are buying tells me things can't be too bad, right?
Yea, just showed the two devices to my 21 year old and 12 year old.
Poken won hands down.. Or should I say hands up?
Pontiac, You would seriously consider shorting EGMI at .90?
Seems very risky to me but, that's just my opinion.
Peg, my son is a Marine towgunner with the 1st LAR stationed at camp pendleton.
He is going to Afghanistan in march, I'm don't know if I'll sleep much while he's there.
Btw...could you tell me what magazine and issue poken was featured?
You said you wouldn't disclose what KD wrote in his email to you
but, judging by the fact you are still here it must not have been terrible.
Thanks.
Guru, don't mind those yahoo idiots.
those are the same bashers that have been slamming that board for months.
And, for some stupid reason they have a real hard on for L.C.
hmmmm...does Mr. Cole have an ex-wife?
Mr. Donovan's email response to me today..
I e-mailed KD regarding Governance issues, Quizcards and other promised subjects from Earnings CC in November.
This is what I received:
Dear Mr. Mxxxxxx,
First and foremost we cannot thank you enough for your investment in Electronic Game Card, Inc. and also for your time to write to us with your concerns in your communication below. It is not our intention to be silent but to be able to properly communicate to all shareholders the items, events and progress of the company. The items that you have brought to our attention below are the topics that we intend to answer on the next teleconference with the shareholders. Again, thank you very much and I personally appreciate your patience and understanding.
Sincerely yours,
Kevin Donovan
CEO and Interim Co-Chairman
Electronic Game Card, Inc. (OTCBB:EGMI)
5405 Alton Parkway, Suite A-353
Irvine, CA 92604 USA
o. 866.924.2924
kevin.donovan@electronicgamecard.com
www.electronicgamecard.com
www.ShopPOKEN.com
Sorry to hear about your troubles P.
I think it's time for KD to go. We need a CEO that can give full attention to growing the company.
I honestly don't think Donovan has that much control with subways management, I believe he is/was just a consultant on the promotions end.
I think the market already did their own downgrade.
Merriman isn't saying anything that we don't know.
Fundamentals appear intact, but dragging their feet on governance issues.
Release is an hour old, not much impact.
If anything, maybe this will light a fire under management to resolve these issues asap.
So I guess we will see two weeks of sideways trading ...
Hub, outstanding post. Gives me goosebumps just thinking about that potential.
My understanding was KD was at sundance and Eugene and Lee went to China.
No worries P, I've been called worse.
really hope you are wrong regarding capitulation...
i have a long way back into the green as it is.
IMO, i think we have seen the worst of it.
I mean a 15% drop on a CC reschedule?!! that would be laughable if it didn't hurt so much.
most of the big sell-off was in the first few minutes of trading, pretty level after that.
Check out this from Chinalot website:
http://www.chinalotsynergy.com/en/pdf/Enew0202.pdf
Guess that's why CC got rescheduled till after the 19th.
;)
Not crazy Guru, just open minded.
You should give it a try, it's very liberating.
More fuel to fan the Ballys flame...
I was just looking at the response email KD posted to one of the members here.
In it it states:
"We were hopeful that certain events and decisions would have been completed before today."
"decisions" meaning Bally's board decisions?
And maybe this is why Poken didn't materialize, maybe Bally's didnt want poken as part of an acquisition or EGC wanted to turn their focus towards this possible partnership with Ballys.
wow...this is getting very interesting.
pontiac, what you are saying makes alot of sense...
And you are right. EGC would be a perfect fit for Ballys..
Posted Pontiac's fine detective work on yahoo..
Giving him full credit of course..
Now somebody go 5 star it so it doesn't get bashed into a dark hole.
I was capitulated once.....
But I took some exlax and felt better. :0
Hey pontiac, what's the scuttlebutt re: bally's?
Where did you see that bally's acquires gaming company?
Sorry but, HOGWASH!
This so called "big opportunity" meant not being able to give shareholders 1 hour of their time. They could have proceeded with the cc and not disclosed the other "big news".
I'm done with this, this all reeks to high heaven.
I'm bailing as soon as I can get to a tolerable exit point.
If this pos doesn't hit .35 first.
What a day to oversleep......
I'm up everyday at 6am to check my stock exposure. But, since egmi is all I have left in my portfolio I got up a bit later. By the time I got to my computer, stock dropped almost 15%.
To be honest, I would have liquidated my entire position because I knew how pps was going to react.