K,
Long time no see. Hope you are well.
My two ideas are almost 6 months old and they were awful (so far).
This came across the wire today and also promises to be awful, but interesting. From Crain's NY:
In the Markets
Say hello to the most overpriced stock ever
By
Aaron Elstein
on September 21, 2010 2:07 PM | Share | Comments (0) | TrackBacks (0)
The most overpriced stock ever just might belong to a tiny start-up company whose headquarters are listed at 100 Wall St.
The company, called Prime Sun Power Inc., says it's pursuing a business model producing solar-generated electrical power and other alternative renewable energies. Its stock fetches 70 cents a share on the OTC Bulletin Board, a quotation service for companies that don't qualify to list on an exchange.
Now, 70 cents may not sound like much, but it gives the company a market value of $28 million, which is absolutely sky-high considering the company has only $688 in assets. That's right, six hundred and eighty-eight dollars in assets, all in cash. In other words, the company's stock trades at 40,698 times its assets.
Even for the wild and wooly world of Bulletin Board stocks, this is pretty wacky stuff.
According to its most recent quarterly report, Prime Sun Power has some solar power projects underway in Europe, though nothing is close to being completed. No surprise, its big problem is its lack of resources.
The company says it needs to raise $2 million in additional funding in order to "conduct proposed operations" for the next year. It also says it would need another $19 million just to obtain the required licenses to begin construction on all of its contemplated projects. It would then need to arrange bridge loans to pay for the construction.
At least the company's costs are low. Its sole employee is its acting chief executive, a gentleman named Olivier de Vergnies, who, according to the company's annual report, is a former vice president at Dexia Private Bank in Switzerland, where he specialized in serving "Middle Eastern high net worth individuals." He's also former CEO of a New York-based company called 4C Controls, a penny stock that soared to $10 in 2008 before collapsing. He didn't return a call seeking comment.
Meanwhile, a California-based solar panel manufacturer called Sunpower Corp. has demanded that Prime Sun Power stop using the words "Sun Power" in its name and threatened legal action. Prime Sun Power says it has determined it will be "economically more rational" to change its name rather than engage in litigation and plans to adopt a new name by the end of the month.
It will certainly bear watching what name Prime Sun Power emerges with.
I'm tryin ta think but nuttin happens......Curly, the deepest of the Stooges.
