I have been following the brouhaha here quite closely for some months, and recently started posting since the “find” announcement. I mistakenly thought things would quickly turn civil there because the dynamics of this whole shebang have changed quite dramatically:
The team has moved from “we hope”, “we wish”, “we would like to” to “we have”.
In my mind this draws a definitive line in the sand. A “major discovery” was announced. If Mel Fisher found the “mother load” at 400M+, I am thinking that a “major discovery” has to be worth 30-50M????
Thus either the team either offers proof of this in early ’08 or does not. If they do not, in my mind they lose all credibility, and I don’t see how this company can continue as a viable publicly owned entity. All that being said I believe the promises and look forward to good things.
With regard to the stock price; I would hope the dynamics change would set the floor (even with no short term news) north of a penny, as the shareholder now have several different possible impact events:
Reality Series – They won’t say who the film crew is, but said that they have sold other stuff before. Obviously it would be great if it were a “Deadliest Catch” and “Ice Road Trucker” production crew. If this were to hit the Discovery channel it would drive interest in the company. Even if they got 250K an episode it would be fantastic.
Possible “Great Find” Announcement – Wilf has been quoted as saying some pretty pie in the sky things (like his goal of getting the stock back up to a buck recently) up to this point, but they have all been phrased as “we think” and “we hope”. He has now said “we have”. If this all turns out to be irrational exuberance I think his believability will be totally shot. I think he recognizes this, and I don’t personally think an astute businessman would risk it. If and when the total find is announced, a 50 or 100 million dollar find would make a great human interest story.
Buy Back – He has stated over and over again that he plans to buy back stock. But with what? Obviously a reality series on Discovery with a “you can buy this stuff at our website” at the end of each episode would be great. Not withstanding that stuff, I believe he really wants to buy back stock, if for no other reason then to get anxioux investors off his cell phone.
Comments?????
(Note: I posted the same comments at Deep Blue under rrilling)
AI
