anyone still following this stock or have educated guesses on what happens next following the BK announcement? the company remains intact even though most of it is defunct. what is the purpose? there were several key investors that put a lot of money into this company at precarious times. either they knew a lot more about what was going on than the retail guys or were really stupid. hard to imagine their track record fo success and plow money into something like this unless there was a longer term plan.
the primary investor ended up buying up most of the shares that were not secured by existing shareholders in the rights offering several years ago. dropped close to $3MM and the share price had already tanked.
i have posted several times through the years on yahoo that i thought the share price was left to languish so it could be taken private or bought up, consolidated, and then do a new secondary. either the business environment dramatically changed or they planned this BK ahead of time.
i dont know if Kai was incompetent, shrewd, or an arrogant prick. however, it was nothing but downhill after he ousted Borrow and made himself CEO. since he was the largest shareholder - my guess is incompetence and arrogance. his conference calls were a joke and he could not answer straight forward business questions from analysts. he then stopped having them and the stock tanked.
that being said - does anyone know what value resides? is it just the trading seat on the exchange?
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