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Greetings all. Been here a long time, but never made an account or posted before. I started trading late Aug 2018 chasing the pot stock hype, and on Oct 4th 2018 I noticed a stock jump over 150% in one day and was wowed. That of course was hmny…seems there was some miss information where 60 mil came from. Nonetheless, the next day I bought 18k shares and I've been averaging down ever since. Currently I have 35 mil shares at .0001
For the last 2+ years, I’ve done nothing but read, track and accumulate everything I could find. So, why am I posting now? Well, I've noticed lately there’s a great fog over this stock and I’d like to try a clear things up and add my personal thoughts.
*Late 2018: New deal, presented their last earnings, and says they plan to spinoff moviepass.
*Jan 2019: next step in dilution, new deals made, a $100 yearly membership money grab, and a small statement about a confidential S1 filed that received 22 responses.
*Feb thru may 2019: Delisted, Ms moviefone pump, more deals (Sabby and Ameritice appear) and final dilution to 3B share outstanding, and of course the vote for a potential 1k RS that indeed passed.
*Jun thru Aug 2019: Back door deals, moviepass app taken down, and a completion of testing for both iPhone and Android. Then NOTHING. They got everything ready and nothing, no PR.
*Sep 2019: hmny says they will sale moviepass and Ted quits, but says he’s going to bid on it.
*Oct thru dec 2019: Nothing while they prepared the CH 7. Court filings show they paid millions on accounting, lawyers and payoffs during this time. Oh, and Stacy Spikes was paid for his bashing early that year.
*Jan 28th 2020, Chapter 7 filed and doors shut. We wait…
*Feb thru March 2020: Moviefone and tact .com sale. Tact for 50k and moviephone a little over 1 mil. Just so happens hmny recouped their money for its purchase. The rest was in stock options which were sold long a go for a huge loss. Redzone was auctioned, but I knew no one wanted it.
*April thru June 2020: Moviepass assets are up for auction. Unfortunately, during covid19 when all the movie theatres are closing. That was their main buyers. No one was going to buy it when the future was so uncertain. Nonetheless, they had it anyways. 7 to 8 bidders paid 25k just to look at the data that they had, and they had to all sign confidentiality agreements. So we no zip about what the data truly is.
*July thru Nov 2020: Moviepass didn’t sell, so they have time to go after all management. A deal is made and a payment of 12 mil goes to hmny and moviepass (4 mil to the lawyers of course)
*Dec 2020: Meeting with the FTC where an agreement is made outlining the exact business model moviepass (note not hmny) will follow, and its for 20 years. Odd that a company going out of business, that no one wants to buy would sign an agreement with the FTC. Not a private company, but a company traded on the open market, and only moviepass.
*Late Dec 2018: first the lawyers file for a raise in prices starting Jan 2021 and then the trustee files for an extension (which I know was coming) from Jan thru Jun 2021. He states that he will not be marketing,
selling and he is unaware of any value in moviepass. Now that sounds really bad, but if you think about it the trustee never gave a value in the first place, plus the value and information is confidential and maybe just maybe he’s not going to sale it because there’s already a plan for it to reboot and go on the open market. He also states that the former interim CFO is still be utilized and being paid. The same guy that was paid 500k and that has IPO experience.
So, what now? Well, we wait.. I know I hate it too. The SEC and other court cases are the last hurdle and then all matters should be settled, and any investors would be worry free to invest in moviepass. I believe very much so that a spinoff is at work and earlier attempts failed due to the damaged business and abundant court and legal troubles. No investor is going to take that risk
Okay great, what’s Moviepass worth? Well, I can only use the knowledge I have, so, 19.95 a month (they know 9.95 won’t work) and 3 mil minimum subscribers (that’s the number they hit previously) = 59,850,000 a month, and over 718,000,000 a year, so without growth...just that, that's .2394 cents a share at 3b outstanding. If Cinemark (Regal already tested and used a sub system) buys it then that means this isn’t a US movie subscription, but a global one.
I hope this gives you all some relief and others possibly a new perspective. I won't be answering questions the info is out there and of course I'll be waiting a reading all the articles, comments, and court docs I can find. I’ll check in time to time.
Goodluck all and be well
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