Junction,
Here is your honest answer:
IENG was brought to my attention two weeks ago, tomorrow. They told me that there would be a two week window in which the dilution would stop. The company had just switched Transfer Agents, the CEO was on vacation and the toxic financiers would not receive their convertible debt shares, until the CEO returned and the TA was set up.
I then performed pretty extensive DD and liked what the company was doing. Were they Apple IBM or Cisco, NO. They just seemed to be one of the diamonds in the rough.
So I came to learn that the stock was NO BID x .0001 ask, a weeks or so prior, to me even knowing IENG existed, Thus myself nor anyone I know got any .0001's. On Monday morning I bought 20 million shares at .0002, and another 5 million shares at .0003. When you ask the question, did all of the volume on that first Monday concern me, Heck Ya. We were specifically told that no other groups were involved. (first red flag, I missed)
The stock closed on Monday at .0007, and I had 25 million shares. That's it. On Tuesday, the stock surged on highly unusual volume, (second red flag). We announced our pick as IENG at 3:00 pm (e.s.t.). The alert had absolutely no effect on the price. Wednesday outrageous volume yet again, however, now the stock price was falling. I realized at that point we at THE SPORT REPORT got screwed. Too much volume. I came to find out on Thursday that one of the toxic financiers sold approximately 181 million shares, believing that his certificates were in route, and he would be fine. Ostensibly without the corresponding stock certificates, the guy that sold is considered Naked short. Somehow he got in touch with the CEO, who was supposed to be on vacation, and convinced the CEO to have the shares transferred over to this individual.
Bottom line the CEO of IENG is either incompetent, or a crook, neither of those are palatable traits .
I am highlighting the points that are germane to helping explain what occurred. Trying to encapsulate the entire debacle into a message would just not be pragmatic.
Hope that helps,
SPORTY
AI
