I'm not surprised that NMKT crashed after the CC. The CC was most notable for what it didn't say rather than what it did say. IMHO NMKT has four major events that need to be completed before the stock goes above $2 and stays there. Those four events are: 1)strong fourth quarter and first quarter results 2)a reduction in fully diluted shares 3)an AMEX listing 4)payment of one or more stock dividends in subsidiaries. Half of event #1 has happened and thats why we are a .50 stock instead of a .30 stock. IMHO the CC seriously damaged the near term prospects of the stock because the other three events were poorly handled. IMHO the AMEX listing will not come until after NMKT goes above $2. Phil says there is a case to be made that NMKT should be grandfathered in without a $2 price limit. IMHO that means the AMEX has not agreed to that or we could get listed now. Now that we have 5 board members, a CFO , a $2.9 million profit and a $65 million market cap there should be nothing holding back an AMEX listing except the $2 rule. Since Phil has ruled out a R/S I expect to have to wait until we get above $2. If the AMEX was going to grandfather us in they would have done it by now. The news regarding the share reduction was very disappointing and harmful to the stock because no time frame was given. With 183 million fully diluted shares now and 105 million O/S at the start of the year there was the potential for 78 million shares to be converted. 40 million of those were related to the VTI loan and 38 million were related to convertible preferred. We now have 128 million shares O/S which means that 23 million of the convertible preferred shares allready got converted. That leaves 15 million more from convertible preferred and 40 million from the VTI loan. Phil must negotiate a settlement regarding these shares. Guess who Phil needs to negotiate with? Himself! Phil is the one that must decide what to do about the VTI shares and is holding up the process. Most of the other shares were allready converted and what happens with those 15 million shares won't make that much difference in the final outcome, but the 40 million shares will make a big difference. NMKT says they are working on a plan to convert these shares, but no time frame was given. The problem, as we all know, is that NMKT is always "working on it", but never getting it done. Everytime we make a statement that we are still "working on it" we are just saying that we have no progress to report and more delays are expected. The statement that several subsidiaries will issue stock dividends in the next twelve months was another statement of "we're working on it.". NMKT shareholders have heard that over and over and over and over. They are always "working on it", but they never report any real progress about har far along the process is. About a month ago Phil said that several subsidiaries had allready applied for independent listings, but nothing was said to update the progress of these applications. The worst thing we could do is to put a date on something and then not meet that date, but there is no reason why we can't be given more information. What subsidiaries have applied? How far along in the process are they? What subsidiary will pay the first dividend? So many things that we nevwer get told. Only general promises that never happen. IMHO NMKT will never make the big time until they stop "working on it" and start doing it.
