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Alias Born | 03/04/2006 |
Thursday, April 03, 2008 1:30:50 PM
In this instance, the management of this company decided to reverse split MGRA with only positive PRs and paid touts PUMPING the company before they did it. 1:200 R/S effective 03/31.
Ticker changes to MGRN, all the web sites change showing "no news" and MGRA at a sub, sub penny price begins trading as MGRN with the first trading activity showing up 04-02 at a price of $.75 per share. Since no PR or filing has been put out, one can assume that the only change is shareholders with 10,000 shares of MGRA now have 50 shares of MGRN. Since the same lame a$$ mgt is running the same lame a$$ company, I predict the price will fall immediately. It's now 04-03 and, sure enough, the last trade is $.50 with a bid of $0.05 and an ask of $0.70. Off 33.33%.
Note: TDAmeritrade will tell you that they have fulfilled their duty to swap out the shares but the T/A for MGRN has not returned the swap shares. The TDAmeritrade depository has no payable date established for the new shares therefore they won't trade MGRN - even as the price plummets.
So...in short, the R/S erased the history of MGRA and MGRN starts new and the fraction of shares that former MGRA shareholders have can't even be sold since MGRNs T/A is sitting on the swap shares as the price falls - virtually guaranteeing that prior shareholder positions are absolutely worthless.
Question: Would you say the R/S and handcuffed trading is by chance or orchestrated?
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