I think this is perhaps a reasonable risk/reward situation. So, I'm not saying people should sell.
I DO think that people shouldn't bet the farm. And I'm personally not interested until it goes a lot lower.
The reason why the history here is so important is that the A-1 preferreds control the stock (they would, upon conversion, be 80% of the commons, so we're talking conversion into 2.8B). The holder of the A-1s is clearly the person in control, and that person is Ken Bland -- and it has been Ken Bland on and off since this was acquired from the Swiss watch maker (Progressive Watch, I think PROW or whatever).
The pattern seems to be that the A-1 shares are exchanged in the reverse merger, so that SSOF (or MBHC or MHHC) gets the merging company and the former owners of the merging company get control of SSOF stock. Then, after a while, the deal gets "rescinded," so that the merger is dissolved and Bland once again has control of the preferreds. In the meantime, sometimes shares are issued, typically as the result of a legal settlement -- so that they are immediately free-trading.
Right now, there is a legal settlement on the books. We have heard for a while that this would get resolved somehow by "next quarter," but that never seems to get done.
This is my understanding of what has happened -- with the mobile app, with the pot spas in the Virgin Islands, with the CBD products, with the Greek food, with the NYC promotions company, with the oil drilling supply, and with the insulin. I might have missed one variant of the oil drilling businesses.
All that being said, this thing does move up and down, and if asked to make a gentlemen's wager I would bet that this will go up in the next 4 months. I just don't want to risk my money unless this is so low that I'm just shooting fish in a barrel.
Make sense?
I am obviously NOT an investment advisor.
