Frank's weasel report that he is investing in Florida real estate is the ultimate insult to investors.
The Orlando market stinks. To wit, Disney just had a bad quarter and is having a hard time. The Orlando market is not turning around so fast. Even it it were to turn around in the next year or three, where is Frank getting the money? What kind of properties is he "investing" in?
In my investment banking capacity, I had several Orlando companies come to me seeking untraditional sources of financing because they just could not get the money.
One company was a world famous Orlando resort and another was a huge Florida real estate investor that specialized in Mitigation Banks (read state sponsored ecology funds who redevelop environmentally spoiled lands and then sell credits to developers) in Florida and specificly Orlando. All were desperate and all were a waste of time. And I am talking about huge companies.
So here we have a liar of a CEO, who did not - a still does not - have the decency to inform his investors about the status of Cobroxin, who now is going itnot the wrong business at the wrong time with no capital and no hope of a return on investment for years if ever.
One of America's greatest real estate investors, Sam Zell, sold out of the USA and is heavily investing in Brazil. The Brazilians are rebuilding their own country. If they had any interest in Florida it would be the over glutted Miami area.
This is a joke. There is no hope of XCHO ever seeing a profit in real estate for several years. Capital gains? Fuggetaboutit! Rental income? Not in a crummy market. Another shaggy dog tale.
What an embarrassment! XCHO has been dead and decaying for quite some time. And now this?! Frank belongs in jail right next to Raj and Rik.
AI
