I have held shares in this company for more than 20 years--from back when they had real operations. They were making decent money but wanted to expand and did a secondary offering through a really sleazy firm that messed with the price They invested in a couple of other companies that didn't work out, include one that went bankrupt and pretty much destroyed their capital. They then sold the major interest in their main operating business to a British firm, apparently with inadequate legal advice and got screwed out of all subsequent profits. The officers of the company were getting past retirement age, and it looks like they just gave up. Stock went from dollars to sub-penny. When it went up to 7 cents one day, a couple of years ago, I sold a portion of my stake.
Don't know what is happening now--whether someone just speculating on a beaten down stock in blind hope of a bounce, or whether there may be the possibility of the shell being taken over by a legitimate company. IF I remember correctly, there is no debt. I am assuming any litigation related to the British company is either resolved or simply dropped by now. I am tempted to pick up a couple of hundred dollars worth somewhere between bid and ask and wait and see. Would be happy to see news of any kind!
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