Friday, June 14, 2013 10:04:57 PM
I held 160,000 shares until recently, a victim of the same silliness. I sold off all but 17,000 shares, accumulating a tax loss carry forward of $169,000. In effect, our tax system will not tax me on my next $169,000 of gains. This is entirely legal.
I figure I have plenty of time to restore at least part of my earlier position, When the reverse split is implemented, I expect shares to drop, at which time I'll be ready to accumulate once again.
Shares are currently cheap because they hold very little value. I expect this to change come December, when I think shares will approach $3.50 to $4 in anticipation of the Q 1 drill plan from Tullow. Holding shares now with built in losses redeemable by realistic tax management is insane, in my mind. Better to accept that your shares have given up far too much value to butter even a small piece of bread. Life is good when we don't lie to ourselves, clinging to busted dreams no longer more than mere shadows of their former selves.
Jugs
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