Elray Resources Inc (ELRA)

[cmart14]

Here's the problem with VII#. I felt as though the filing they released postponing the vote to increase the A/S to 10B was too open to interpretation. They should've left out the part which stated that 95% of voters approved the amendments to increase the A/S. It confused a lot of people and therefore fluctuated the price IMO.

Also, if you look at the history, there was a significant short-attack on 9/10. The price dropped from .044-.029 in a matter of about three hours. It just hasn't regained the momentum. 7 out of 8 trading days have been red. Many blame it on naked shorting which I thought was illegal.

Another factor that needs to be taken into account is BMAK and ASCM are IMO hiding shares. Whether this is them playing manipulation games or, as some have stated, the company actually beginning the dilution process is still up for debate. I got out of there today. It's not in a good place right now.