I am out. It has taken five days and I can tell you that 10's of thousands of shares you saw at the ask and which have been reported as "buys" were sells -- mine. I recall that Preacherman once said (I think) that this was an sign of short covering. For quite a while, maybe weeks, there has been someone out there at $1.10 and if I had not been feeding small blocks out, all would have gone at that before today. Just to be done with this, at the end of day I put up 16,000 at .99, the bid, and they did a few and then moved the bid down to .985 to, IMO, give the shorts time to come out of the weeds to get it at the ask which they had dropped. I had thought of making it market order for fun just to see a close of .90 but didn't. If short covering has in fact been the market, then when it is done there will be nothing for support.
This turtle/frog will be checking into the nearest burn center. In hindsight, I should have spent the money on Ashly Dupree. It would have been more fun and a lot less expensive.
I held until it became clear after the last CC that the increase in burn rate - to 7 mil a qtr - would greatly outpace the rate of revenue growth which I always viewed as coming from the $7 Seagate bundle charge. If they are going to do another PP, it will be at $.50 if they can get it done at all. It may take a three to five to one reverse split.
There may be a miracle yet and this sale could be regreted. If so then, like purefolder, this is a sacrifice for the good of the greater community. But, managements actions make it to me almost appear to be that of intentionally driving the market cap down to minimize the cost of a planned management buy out. If so, then this was the last flight out of Saigon.
I wish most here the best and will still lurk but not post much if at all, like the past.
