Finjan Holdings Inc (FNJN)

[Ecomike]

I stayed with them for 3 years, in spite of many early warning signs because I liked the business plan and tech. But management has screwed up at every turn. Only reason the doors were not closed with BK before is they have pulled the "Oh look at the cut new kitty" trick successfully 3 times now (Terra merger was the most recent one done in the middle of a non-court BK divestiture of the failed NJ plant (the original business), and they had bankster help with huge share dilution loans to help perpetrate the fraud, and pay the fat cat executive salaries while they lost more and more investor money.

I do not believe they will find the loans and cash needed to avoid BK again. I expect them to go BK in 6-12 months, or sell another 300 million shares at .05 while they still can, and then file BK.

Sales would need to increase 1000% in 3 months to keep the ship afloat at the current cash burn rate.

There is no sign that the executives have the right stuff to turn this beast around! They have pulled off the hail mary pass save three times, but each time was at the huge expense of stock holders, investors, and they have not been able to stop the bleed rate. In fact they added to the bleed rate when they merged with Terra by added zero Terra new sales and another 1-2 million dollar per year drain to the budget (nearly 1 million was added to the COIN budgest for salaries for adding the CEOs brother and the Terra CEO to the COIN staff and overhead)!

I think their current losses still exceed revenues! Then if you write down the huge smoke and mirrors asset value they have on the books for the purchase price of Terra, which has no sales now for 10-11 months, you add another 10 million dollar stockholders equity loss to the books when they write off the Terra purchase asset from the Goodwill category. Then, You have a company with negative stock holders equity, a history of losses at an average of 10 million per year for 5 years, that has had products on the market for nearly 3 years now, and they still failed to ever break even.