Belief versus hope conversation on EGMI
I "believe" EGMI is going to slowly fizzle toward zero price, because its management is horrible and ineffective, fraud may have been committed, cash has evidently disappeared, reported sales may never have occurred, and ChinaLot Synergy's CFO won't confirm to me in his email reply whether they even have a current business relationship with EGMI. On top of all that, how can a company go through this kind of insane turmoil and end up on the grey's and still make a viable go of it, in a brutally competitive market segment that was tough for them to break into any at all, even when they were OTC and didn't have this kind of disgrace and uncertainty hanging over their head.
However, I "hope" I'm wrong. I'd like nothing more than to see this crapper get back up to about 60 cents per share. Be sure, that's going to take a whole lot of buying volume to happen, because there are a a great many disgusted EGMI investors who want to dump their shares the whole way up, and get off this dangerously broken and ill-maintained amateur carnival ride.
If the $12 million cash is there, then stock has cash on hand of about 15 cents per share- right where it can be bought now. At these prices, you're basically just buying the cash per share, IF the cash is there. That's the big IF. If the cash isn't there, then this stinkpile will finally compost down to zero and be ground into the dust by the brutal efficiency of the stock market. So ask yourself a very important and pertinent question. Keep first in mind that this mess has been going on now for over 6 or 7 weeks now, going back to the SEC halt. So ask yourself this very basic, very simple, very fundamental question: "How long does it take to verify whether a bank account has $12 million in it or not?"
Answer- that menial task can be done in under 1 hour, via phone calls to bank management and signed balance statement confirmation via fax." In reality, I think I could perform that verification in under 10 minutes, even if I did not have a bank contact to begin with, and had to find one (assuming I was given the account credentials to prove authorization to the bank). So then ask yourself a second question- why are you and I still absolutely and totally in the dark on this critical EGMI issue then, in a company, that even though it's been knocked to its knees and is wounded and disgraced, is still considered "publicly traded", with some type of reporting responsibility to shareholders. Then, come to your own conclusion. I already have, and I "hope" I'm wrong. Come on EGMI, I challenge you- issue a real and valid and thoughtful and positive PR showing viable evidence that your $12 million has not fallen down the rabbit hole, where Alice and the Mad Hatter spent it all.
