I made a complaint to the SEC about the fiasco today with regards to the way they totally mishandled the reporting.
The DJNewsAgency first reported it and then REreported
SEVERAL times this am that they had LOST a penny a share.
This triggered one of the biggest one day sell off's in
recent history, then...late in the day....they report,
OOOPS...it was all a mistake !!! We actually MADE _.08_
a share ?????
That's not exactly a SMALL deviation in FACT ! I never
DID see where the DJNA EVER showed the "correction".
This all coming at time when management is supposed to
be buying back shares AND with all the SG13 ownership
fillings of late AND with the share price trading at an
ALL time LOW...I find it more than a little unsettling.
Even if there was NO fraudulent activity behnind this
"honest" mistake, it sure calls into question the competancy
of the management team that I'd come so much to trust.
I sold half my position at the news of these earnings
feeling TOTALLY betrayed. I've had SEVERAL conversations
with management in the past quarter and what I was reading
gave NO indication of what I'd been lead to believe.
I held the rest of my shares wanting to see the filing and
the fact that reacting to quickly to what I percieve as bad
news in the past has hurt me. On this occation and after
several hours to think about it, I'm STILL not sure
that I shouldn't have gotten the rest of the way out
when it spiked this pm to $1.54.
The ONLY reason that I even held this one, at this point,
was because of management, now I don't see how I have any
reason left at all.
It's trading at 19 times earnings...maybe 15 times if
you factor oil prices are up 40% from those numbers
being calculated...not exactly a STEAL ?
I'm no big player, so it's not like what I think matters
to the company or their share price but last year this
time the pps was about 5 bucks and now it's $1.54 at
this rate, by next year, I'll only have about two bits
left.
Come to think of it...that $1.52 in the after market is
looking prety good. I don't guess I'll hold enough shares
by tomorroe night to even qualify to post here !
AHHAHAHAHHAHAHAH
catman...ISYA
PS...sorry I couldn't do a better job of candy coating
how I feel but after my experience with this company...
bonds look prettttty darn good. It pretty much silences
those ctitics of the smaller boards and their 'dishonest'
ways...what went on here today is about as sorted as it gets.
Vana Catman fondles his mellons...
