Grifco Inc (GFCI)

[jtomm]

GFCI History

(Hey all, haven't been able to post on any of the boards for awhile because of my work schedule, but finally got a bit of a break.)

Here's my recollection of events on GFCI. I recall it being mentioned a few times on VMC but Len rightly deleted the posts because the company had no audited financials. Then the discussion moved to ZCC where it started taking up quite a bit of space on the ZCC board. A few people properly complained that it was taking up too much of the board and that someone should start a separate board for GFCI.

For whatever it's worth, I was the one who started this board, not Bob (check post #1, if you like). It's been mentioned several times before that Bob started the board and in fact I think he even mentioned so himself. I never corrected it before because it doesn't make a hill of beans worth of difference. The only reason I bring it up now is because this is an interesting example of how eyewitnesses can remember things differently. 10bag, Len, Bob, myself, and many others have been here since the beginning and we all remember it a little differently and I'm sure none of us are 100% accurate. If you're ever on a jury, this is a good example of why eyewitnesses shouldn't be relied on as gospel. Your biases coming in, other things going on in your life at the time, your emotional mood during that period, etc., all these things can affect an eyewitness without a person even knowing it.

-Back to GFCI, I recall most people in the early days being pretty upbeat about the stock, if we could just verify things. Never could. Company claimed earnings, big cash balances, no debt, low p/e, everything you could dream of . . .but not verify.

I can't recall the company ever meeting a self-imposed deadline. The claims of earnings have mostly stopped.

Press releases are all the company has ever produced.

As I mentioned previously, the analog here seems to be IDWD.pk, which is run by a convicted felon. Read their press releases and it's eery how GFCI is doing almost the exact same thing to the letter. The delays, the confusion, blaming things on others, doing business in far away places, business is booming, special dividend announcements, then increases in the dividend, clarification about the dividend record date, rumors of buyouts from unnamed companies, increased buyout offers, new products, expansion, acquisitions, stock buybacks, mergers, restructuring, splitting into multiple divisions, tons of press releases, etc, etc.

But somehow IDWD just never can produce audited financials, sharecounts, and filings with the SEC. Darn the luck.

Sounds somewhat familiar.

Look at how many press releases IDWD has had over the last several months, and yet nothing has happened. Everything is always "just about to happen," and yet never does. Always an excuse when a given date comes and goes. Plenty of stock being sold, though. Look at how familiar all the IDWD press releases sound to GFCI watchers. Start at the bottom of the list and read up from there. It's eery:

http://investor.news.com/Engine?Account=cnet&PageName=NEWS&Ticker=IDWD&Limit=105&Mod....

And here's GFCI's press release history:

http://investor.news.com/Engine?Account=cnet&PageName=NEWS&Ticker=gfci&Limit=105&Mod....