Why do I care?
I was looking for a profitable trade, that is why I am here and have been looking at this. If the price ever dropped below my calculations, then I would have considered buying shares into the conversion.
Why is it that some people seem to think that places like this, that are supposed to be, 'a free and open discussion of ideas', are instead supposed to be only an 'echo chamber' of views that only agree with their outlook?
I would think that the fact that almost everything that I had predicted, as far as the general outcome, has come true, would be of value to people and serve as a track record for the future, instead it is put out there the 'fairy tale' that somehow I was 'paid' to bash a dead stock; which my calculations told you for weeks was a losing trade.
The only thing that I was wrong about was the magnitude of the loss on the trade.
While people may agree or disagree with the idea that only, someone who owns shares in a company should post, the simple fact is that at the end of the day, anyone who bought or held any shares prior to the conversion into warrants, lost over 99% of their initial investment.
People who followed the recommendations of anyone to buy and continue buying the shares while the company was in bankruptcy lost over 99% of their investment; with some people urging them on into this disaster of a trade. That is what I do not understand. Any objective analysis of the old common shares objectively showed that it was at least a losing trade; the trade turned out to be an unbelievable disaster with the loss on any position that converted into warrants at 99% or greater. Yet there are some people that are still posting that somehow the 'hedge funds' manipulated and made a profit on such a trade.
Where and How was such profit made?
The losses on ANVGQ so far:
1: The old common shares lost over 99% with the conversion into warrants.
2: The unsecured liabilities got common shares in NewCo that will only have about $38.3 million in market cap, but the 'Adjusted Equity Value' is $402 million, so the unsecured are looking at losses on their claims in the range of 90%+ or a recovery of only 9 cents on the dollar.
3: The secured liabilities are not even safe, since they took a 1st and 2nd lien with new debt because the company did not have the cash to pay them off, but if the company keeps losing money, they may end up with losing money on their investments also.
Louis J. Desy Jr.
Louis J. Desy Jr.
