I am a psuedo-positive long!
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My guess is they will liquidate at Thursday's closing price minus their fees. I don't see a massive sell that will drive the price way down. I'm starting to nibble.
Cheers
Chenzo
My buy wasn't for less then 10%. Still in cash, my order was not hit. Thanks for the info.
Cheers
Chenzo
Well that was a whole lot of fear you just spewed. I'll talk to your boss, you need a raise for that. Shareholders have options here. Not the end of the world. For what its worth, my money is in cash with Fidelity. Waiting for the opportunity to jump back in with ETE. I'm long term here and not worrying about trading overnight. I also own mutual funds and don't check them but once a month.
Cheers
Chenzo
These prices are a steal! If they slam the market down at the open I'm buying more around .32
Cheers
Chenzo
If the chart continues its pattern, we should see a move towards .40 early next week. Have your strategies planned out and act quickly. I don't trust that Bank of NY will wait much into March to redeem your shares and grab the .05 commission. My Fidelity account is ready and linked to my Etrade account. Don't want to be out of this stock for too long.
Some thoughts.....
If this is an ADR and has to mimic NBG trading in Greece, minus the .05 commission, any sale of ours that we make to leave NBGGY and move into NBG on the Athens exchange would only temporarily drop the share price. As I understand it, the market maker HAS to buy up the share price keep pace with NBG.
Also, there maybe a downside to our trading in the Greek exchange. The 1% commission that is charged on Forex will hinder any swing trading. Its 1% to sell and 1% to buy back in. With 180k+ shares, a SP increase to $1.00 can get very expensive. The trading on the Athens exchange makes this a long term hold for me
Cheers
Chenzo
Same strategy here. Only I'm waiting for a few pennies more. If it doesn't reach my price by March 1, I'm selling regardless
Cheers
Chenzo
That's the way to start the New Year! Looking forward to many more 8%+ days in 2018!
Cheers
Chenzo
Consolidating nicely here. Looks like we are waiting on news. Cant call which way she'll break. Volume has been low but it is the holiday season. I wouldnt want to be out of this when the news/move comes.
Cheers
Chenzo
I believe the drop from .45 was due to a leak that the ADR was being dissolved. I know that the last .07 was due to that. Now that we know the terms of the dissolvement, and that we can live with them, the price has climbed back to or above the announcement price. Nice day of consolidation Friday but another Doji signals uncertainty. There may be some tax loss selling towards the end of the year but I believe we see .46 by the end of January.
Cheers
Chenzo
Chris, if you don't think people are paid to spread fear then you my friend are naïve. Ihub is the breeding ground for such activities. You wonder why they would spend the time to spread fear? Well lets look at our little NBGGY. 1 mil shares purchased at .25-.26 range has turned a profit of approx. $70,000. Not bad for three weeks of work. That's enough to pay the salary of two of these little gnats that show up here.
Finally, there is no need for the profanity, even if it is abbreviated. I seem to have hit a nerve, wondering why?
Cheers
Chenzo
KMB, looking forward to the day were an 8% day will be .24
That day will come, have patience all. We are almost on our way
Cheers
Chenzo
Technically speaking we have broken out of that little .25-.29 channel we were in. Posted a Doji today, signaling some uncertainty. Stochastics are alittle high and have to cool off alittle bit. Wouldn't surprise me to see a small pullback to the .28-.29 range and test the new support. This will cool off the stochastics also.
I believe this will be the last buying opportunity at these low prices! From there we break .46 and head to .60 in January
Cheers
Chenzo
Looking real sweeeeet KMB!......Up 40%! heck, BNY can take the 1% for the conversion....lol
I see both the chris' have disappeared. Funny how that happened. For those who are new to investing, remember what they wanted you to believe. They work for large firms who spread fear in order to scare folks into selling shares cheap. Lets keep this board clean and informative!
The last couple of days we have had a lot of people willing to buy NBGGY even though there is a 1% tax issued buy BNY, I'm really liking this setup.
Cheers
Chenzo
Still hear. I told the board my plan. This will make big move next year, locking out most U.S. investors.
Its the holidays. Things will be slow til 2018/ 2nd Q. Less then 4 months away.
Cheers
Chenzo
OMG its this simple.....
I will be selling my shares in late Feb. I figure for a profit. I will then have cash in my E Trade account. I will transfer the cash and open an account with Fidelity (not fadility; I wonder how you found the phone number with that spelling) I will then use their international trading platform to purchase shares of ETE which trades on the Athens exchange.
Its that simple! No penalties, no exchange fees, no nothing.
The ADR will be gone sometime in March. Bank of Melon does not want or need the shares anymore so they will convert them to ETE or give you cash. There will be a fee of .05 if you hold and let them make the transaction for you. Simple!!!
Cheers
Chenzo
PS.....I will be buying more shares if the PS drops alittle more
Don't listen to this nonsense. The poster that gave you this info was created today. They are just trying to create fear
Cheers
Chenzo
That's the fee that Bank of Melon, NY will charge you to exchange your shares after March 15, 2018. The ADR is being dissolved. You can sell now and transfer your money to a broker that deals with the Athens exchange. Or have a broker do this for you. I assume this will not trigger a tax situation.
After March 15, 2018, Bank of Melon can liquidate your share without your permission. They will also charge you .05 per share to do this. I am not sure if you will get the cash equivalent back, less the .05 per share fee or if they will convert your shares to ETE. I'm with E trade, they don't deal with the Athens exchange. So in my case, it is my understanding that if I wait to let Bank of Melon liquidate my shares, I will be charged .05 and receive the cash equivalent. I will transfer out of NBGGY before that happens.
Hope this helps. If there are any errors in my thinking, board please correct me :)
Cheers
Chenzo
That's exactly my plan, but ill be converting late Feb.
I'm not taking any chances with Bank of Mellon moving the date up a couple of weeks (its in their statement, they can do it) and banging me .05 per share. These prices are a steal!
Cheers
Chenzo
Great buy.
There is no reason for NBGGY to do a R/S. They are not trading on the Nasdaq so there is no compliance price. They do not need cash thus there is no reason to R/S then sell stock at the new higher prices.
I have seen this played out many times with other stocks. One week we will see a run from .30- $1.50 and that will lock out all small investors from owning large quantities of shares. Be patient, transfer your shares to Fidelity, and do the conversion. Time is on our side.
Cheers
Chenzo
I think we need to have this info up as a sticky.
Hope all had a great Thanksgiving!
Cheers
Chenzo
Edit: We dropped over 20% on Thursday, not Friday
Cheers
Chenzo
Just a thought on the dissolving of the ADR:
I feel in late July, early August we were on our way. debt was being written of, quarterly profits were coming in and the worries of the new stress test was starting to fade. As we have later learned, we are golden on the stress test. So why the decline in early August?
IMO, the dissolving of our ADR was starting to be discussed as a cost saving idea. At that point, we could go no higher. It wasn't dilution and it wasn't the fear of a R/S. Period!!!
Now the dissolving of the ADR is in our rear view mirror. Earnings are upcoming. I believe we start to climb again. After dropping over 20% on Friday we have rallied late Friday, into Monday and Tuesday,(we are only down about .03 from Thursday night/ not that bad) as we now know more about the details of the ADR.
Technically, .31 is resistance. If we fail there, we could revisit support at .24-.25
Finally, all those that sold on Friday in the .23-.30 range were more than likely selling at a loss. They will need to wait 31 days to get back in unless they want to activate the wash sale rule. This means if NBGGY starts moving up again, These folks will need to chase and re enter at higher prices (in late Dec). This could set up nicely for us who have held!
Cheers
Chenzo
Its not needed. chris has been spreading this nonsense here for weeks.
There is zero merit in what he posts
Cheers
Chenzo
Its not just about the Greek economy! NBGGY has branches and does business all over Europe. This play is not only on a Greek turn around
Cheers
Chenzo
My guess would be that we would be converted back the same way we were converted out.
We have 17 months to be able to sell this stock through the ADR. Four months to buy it. My money is on the side that says NBGGY will be higher in 17 months
Cheers
Chenzo
I was thinking the same thing. They close the ADR on March 31, basically locking out everyone not able to buy on the Greece stock exchange. Then release that NBGGY has passed the stress test and this stock flies.
Everyone that sold prior to the closing of the ADR is locked out. Here's an interesting thought......
What happens a year from now when the share price is at $2.50-$3.00???
Just maybe it is profitable again to run the ADR and a new one is created. Maybe, just maybe, at this higher share price, the ADR is trading on Nasdaq!
I've been here for over a year, I'm holding and I'm buying dips.
Cheers
Chenzo
Thanks KMB. Like I posted, I plan on buying more on the next dip. I believe it will be the final dip.
Worst case scenario, we get to trade/keep our shares in NBGGY ADR til March of 2019. After that they wont be wiped out. Either exchanged to ETE or we will be given the dollar amount of our shares.
People, there is nothing wrong with the bank! NBGGY will just no longer be trading on the OTC as an ADR. It will be trading on the Greek stock exchange. A lot can happen in 16 months, I'm sticking to my current plan.
As I've stated before, NBGGY could very easily be trading @ $2.50 one year from now.
Finally, now that we know why the PPS started to rollover, can we please stop the nonsense of possible dilution (chris). I wonder what the new fear topic will be.
Time is still our friends my friends,
Cheers
Chenzo
I bought 65K @ .235
News has leaked and its probably not good. When the news hits it will drop again. The final shakeout.
I have 185k shares right now. Will be buying more on the dip that the news brings. You are correct......the last buying opportunity
Cheers
Chenzo
Can I ask you why you feel that NBGGY needs to do a RS? We are not trading on the Nasdaq so there is no $2.00 compliance, and we are turning a profit each quarter.
A quick follow up to my previous post:
The fear that may be lurking is the fear that the regulators change the percentage amount needed to be on hand. Using my previous example, Say the new regulations require 20% of loans to be on hand. NBGGY would then need $20mil on hand. If they do not have the new percentage they would be forced to raise cash.
I don't see this as a problem. NBGGY is profitable and banking money each quarter.
Cheers
Chenzo
I'm going to try and give it a shot:
Banks need to have a certain amount in dollars on hand as a percentage to the amount of money that is loaned out.
I'll keep the percentages rounded off for simplicity:
Say said bank has $100mil dollars in outstanding loan balance and the folks who are regulating the bank say they need to have 10% of the loan amount outstanding on hand. This means the bank needs to have $10mil on hand. The percentage used is based on the average history of this dollar amount not being able to be paid.
The regulators say to the bank. "It is our experience that $10mil of your $100mil in loans will go into default. Because of this history, you will need to keep $10mil on hand."
Here is where time is on our side:
Each quarter NBGGY is writing off a percentage of bad loans, thus reducing its outstanding loan amount. In the example above, if NBGGY wrote off $20 mil this quarter; basically making them go away accounting style; they would now have $80mil in outstanding loans and be required to have only $8mil on hand.
Now take into account that NBGGY is turning a profit, banking money each quarter, our cash on hand increases, thus allowing NBGGY to take on more loans. These loans are good loans, because the regulations are much stricter. Thus profit
Time is our friend my friends, just be alittle more patient
Cheers
Chenzo
No need for further dilution. NBGGY is profitable and writing down bad debt each quarter. Time is shareholders friend.
Take your fear elsewhere
Cheers
Chenzo
No where near all the gains. FNMA was trading below .30 for 2 1/2 yrs and now has settled at $3.00
If you traded well you are in FNMA for a free ride. If you just bought and held, you have a ten bagger. Win/win
Same will be for NBGGY. Take your fear elsewhere. Or just sell.
Cheers
Chenzo
And people said that about FNMA when it traded at .20
Troubled banks need time. NBGGY is no different
There are very big fish invested heavily in this stock.
One day there will be a large move and me and my 120K shares will be very happy. If this breaks down to the .27 area, I'll be doubling down.
Cheers
Chenzo
Waiting to see if support @ .32 holds. If not I'm buying more in the .27 area. This is a long term goldmine. Easy $2.00 in 2 years/ $5.00 in 5years.
But for now the buyers are worried about something. Maybe new stress test conditions.
Cheers
Chenzo
Thanks for correcting me. I will mark your post. I just feel .32 wont be enough support if it breaks .34
Cheers
Chenzo
This is the fourth test of support at .34
A break of .34 could cause SP to fall to .27..... Ouch!
My concern is that the volume is high on down days and very light on green days.
If so, I'll be adding more to my 96,000 shares. All technical indicators should be reset at that point.
Cheers
Chenzo