o/t
just parking this here...
Posted by: Threeflight
In reply to: None Date:10/10/2007 3:46:31 PM
Post #of 8818
My report from talking to Mike King. Sorry about the delay. Bear in mind I only have a small position in this, at much higher, so at this point I've pretty much written the money off. This play reminds me of MLXO last spring/summer when cornell was selling there. Constant ask undercutting. Takes a lot of buying to UT. Not much selling to DT. It's eerie how similar it is to me in how they are selling.
Anyway, I called him and I gotta say I was pretty surprised by what he told me. I invite you all to call as well to verify this. Basically, the company is in pretty deep trouble accordong to Mike. In fact so much so according to him that he said he used to have a position but SOLD his shares due to what is going on.
He also said if he were me, he wouldn't be buying anytime soon, which shocked me. Remember this is the IR guy saying this, though I did appreciate his honesty. He said that of course cornell is killing the company, nothing new there, that he hates cornell, and that he didn't see them letting up the selling. But what I really didn't like was he also said that the company isn't doing nearly the biz they thought they would be doing based on what they said earlier this year, not anything close to it actually, and are having a very hard time getting any additional financing. Without this money they can't make anything basically, but at the same time the demand hasn't been there either. So I asked him why didn't NXNO accept the settlement if they are so short of cash, and he really didn't have an answer for that.
I asked him about the lawsuit and when it could be settled. All he said was he really didn't know but don't expect anything anytime soon. Not good.
I came away from this conservation very discouraged, and I would say right now we are going lower based on what he is saying. As hard as that is to believe. :( Apparently they don't really have any news to report according to him, and Cornell is going to continue to sell. With that scenario, I see half a penny or so coming. Now, bear in mind this was one guys opinion. But it was the IR guy. So for him to be so down on a company he is working for. Well......
FYI If you call Mike? He may ask for your phone number. Don't give it to him. I did and have been receiving spam text messages ever since.
