Sphere 3D Corp. (ANY)

[Hugodrax]

Re the AGM not only did they downplay it, but they moved it thousands of miles away, and delayed it by 3 months to the last possible legal date.

Not to be too dramatic, but I've witnessed the death throes of many companies over the years. And this one looks much the same.

They rarely go splat instantly. Failed delivery, deteriorating financials, exec departures (Bramfitt anyone), management dodging investors (AGM tomfoolery), large selling volume from unknown holders (eg former execs or founders, family members etc - no way to know). And so on.

ANY to me looks just like the others but is far worse because of the outrageous debt pile. If they were debt free the could potentially chip enough to bumble along on the pink sheets with small equity raises. Not so here.

Cyrus would probably let the sell off some assets like RDX and let them burn it all in operations - just to delay the pain or extend the hope into 2017.

Opus is another matter. They are into this thing for $20 M or so and they are in trouble. The AR might cover half of their loan so they have big time exposure here. I don't think they are good to slow collateral (eg cash from an RDX sale) to get flushed in operations. Remember anything that gets sold the company loses any corresponding gross margin.

All IMHO


If you see the Cyrus exec resign from the board you'll know the end game is here. IMHO....