Yes, “Ugh”. I agree with all of you.
One of the things that distresses me the most about the decline of the GSPE shares, is the short sidedness being displayed in the extreme by those that either lack vision, or actual ability, or both. I refer to the the potential for massive earnings for shareholders from drilling successes that some are exchanging for penny ante trades worth but fractions of pennies compared to those dollars.
Yes, the sharks, the bone picker brigade, the brokers, and market makers have arrived to get in on the action. And, there is really no effective way to hide from them. No one will be exempted from any of this. The golden goose is being plucked. And feeble attempts to disguise this intent reminds me of the ‘salesmanship’ I witnessed at the carnivals of my youth. And at this point, none of this is about the price of crude oil, market news, or the impact on GSPE shares.
Those things no longer matter because these sharks are here only to make a buck the quickest and easiest way possible. And when they leave, the money they take with them will be ours.
I know from experience that some here are very knowledgeable and more ‘tuned in’ than most. So I hope that perhaps these unfolding events were anticipated and will be avoided. Not so much for the rest of us.
Perhaps the company survives to continue the quest. One of the things I have noticed about the Gulfslope management team is that they are also very ‘tuned in’, as one might expect. In fact, they seem to always have anticipated the progression of events, and have a plan to offset the repercussions. I am waiting to see if they have anything in mind now.
I believe that ‘no’ news is not necessarily ‘bad’ news. That is just another tool that can be used for manipulation by the unscrupulous.
Public companies must be cautious to not make statements that could be perceived as being inaccurate, because there are serious penalties for any misrepresentations. So do not expect the management team to casually throw out words just to appease disgruntled shareholders.
Considering his level of commitment, and the millions in personal loans he made to the company to keep it moving ahead, I just do not see John Seitz throwing in the towel.
After already enduring a +99% decline in the value of my shares to get to this point, I see no reason to panic now. Taking the loss just to salvage a few tenths of a percent of a penny on those dollars, and appease the agenda of others to the detriment of my own, does not appeal to me.
So I am staying ‘long’. I will have earned any money made on this deal. There has been no ‘quick and easy’ with any of this, and those that opt to take that approach find no favor from me.
If I had any balls, they would likely be big ones.
Mrs. Smith
