Well I think that was one of the most informative posts that I have read on this board!
I got invested in this stock about a year ago, and I have to admit that I did so without doing my own DD. It was touted as a potential opportunity to see some serious gains in a short amount of time. The $.50 a share that was mentioned in this latest lawsuit was thought to be a real possibility and I wanted to be on board for that ride.
It wasn’t until numerous launch dates were missed that I started digging into what the real holdups were. While other excuses were given, it is now very clear that obtaining funding has been at the heart of all of the past delays. I believe that at the live video conference Allen spoke of working to obtain 50 million dollars. Of course shortly after that statement, the stock started tanking because people realized that he didn’t actually have the funding he needed to launch at that time. Since then, it seems as if Allen has been experiencing much of what you experienced in your efforts to secure funding from Virgin. From what I gather, Allen is currently trying to secure about one fifth of the original 50 million he mentioned at the live video conference. That seems to be right in line with the 12 million that you were trying to get.
What your story tells us is that Allen could actually be in the final stages of negotiations with an investment group who is willing to put up that kind of money. And also like with Massboxx, Qtrax may have been days away from having their hands on promised funds months ago only to have it withdrawn for reasons unknown. On the other hand Allen could be a total optimist with no basis in reality who continues to spew out promises that have no hope of being realized. I would like to think he is not the pathological liar that some on this board say he is, but continually making and then breaking promises certainly isn’t helping his case.
My biggest problem with Allen is that he has a terrible habit of leaking great news regarding funding (when it is only a possibility) to these various “sources” and then he proceeds to state that Qtrax will definitely be launching as if he actually had the money in his hands. Unfortunately, that is just the same as if I was to say that I am definitely buying a Bentley next month while basing that claim on being able to sell my Qtrax shares for $10.00/share next week. The only difference is that no one is going to see a big loss in their investment if I don’t buy a Bentley next month.
Will Qtrax be launching next week? Only a few people really know that answer. The rest of us have to base our predictions on past promises kept. Could it happen? Yes, but....
