whether it is a correct metric to ascertain the value of PBLS is immaterial to me. I am pointing out another possible inconsistancy/misinformation that may explain the erosion in the price of the stock. I will go out on a limb and say that the shareholders equity of PBLS when and if they ever report will be nowhere near 80 million. Smarter people than us have already figured at least that much out. And so what if the sellers are NSS. NSS'ers do not sell shares of companies they believe will succeed, they NSS the ones they believe will fail. I have been combing over every announcement looking for inconsistancies, hidden disclaimers, etc to figure out why the NSS'ers are all over this stock. And boys and girls, I am begining to see that they are probably right. I just hope there's something left for us longs when we file the lawsuit.
And to answer your point, claims of book value were made in an announcement, not passed around like a cheap bottle of wine. 80 million. In black and white.
Face it, these guys are amatuers, they can t even get an announcement right . "net pretax revenues of Phoenix could reach 10% of gross revenues". This is pitiful. There wasn't even another announcement to correct this... Well, boys and girls, my theory is that they threw us a curveball. they were never talking about "pretax profits" they just wanted us to assume that. Any company that had an IR deparment run by anyone with a IQ higher than a clinical imbecile would have issued a corrected release. Not these guys. Once again, I can only come to two conclusions, they are either of very low IQ, or outright liars.
Prove me wrong, issue a 10-k.
