euniverse1: I think the best thing that can be said about this company is that they probably still have some significant equity. The exact amount is highly in question, but I think 8 cents is probably the best estimate that has been floating around. To me, that is the only reason why anybody should be looking at this stock. Mordicai is right though, that equity could quickly evaporate and you would never know it. I think the longer you hold this thing, the more likely that will happen, but right now it is anybody's guess.
I don't think Roger has intended to rob anybody. He just made some bad business decisions, and tried to bury his poop to save face, and now just wants to be left alone to lick his wounds and figure out what to do next. I don't think you are going to hear any more news from him, much less the true underlying value of those assets, at least not for quite some time. Roger is caught in a serious jam, and answering shareholder questions is probably at the bottom of his priority list.
I think there is a chance you could get back some of your investment. Roger is a fighter, against all odds. That stonewall litigation was a perfect example. He won't throw in the towel unless there is absolutely no alternative. But don't expect him to tell you when things aren't going so hot - as with the Charolotte forclosure.
It also wouldn't surpise me if Pawson sold all the real estate, and decided to launch some other type of business. "Pawson Ethanol", for example. Considering he got into the race car, software, and real estate businesses all at the same time - that wouldn't surprise you, now would it? The man has nobody to tell him what to do. He might even take the real estate proceeds, buy calls on some startup company, and make you rich in a couple years. With this guy, there is simply no telling.
Want to know something else GOOD about this company? Nobody will like me saying this, but Pawson is an extremely intelligent guy. Sure, he has made his share of mistakes, but he didn't get to be rich because he was stupid. If there is a way to get out of the jam he's in now, and save face, he's capable of doing it. All people have a natural tendancy to be honest - they only get dishonest when they think it is in their best interest. Pawson is already rich, to him this is just a numbers game about how many zeros can be applied to the end of his net worth figure.
If you buy or own this stock now, it is no different then buying a mystery "grab bag". You have little idea what's inside, if anything. On the other hand, when the day comes along that you get to peek inside, Santa Clause Pawson could have placed some real jewels in there while you were sleeping. At this point it is impossible to know what you really own.
I get a big kick out of the people on the Yahoo Cbay message board who do nothing but look at the chart, and try to read the tea leaves. They could seem to care less about the lack of visibility into the fundamentals of this company. As long as there are people out there that only care about the chart, you can still probably sell now to one of them for some small fraction of what you originally invested.
Even if you don't like the way Pawson treats shareholders, you've got to consider the possibility that some of the triggers to Pawson's current problems were nothing more then bad luck. There is always the possiblity that his luck could change for the better, and he comes out of this thing a new man. (But I am no longer betting my money on it - I cashed out all my beans this morning - at a great loss. Looking back, I probably should have cashed out as soon as I learned that he had 50:1 conversion and voting rights on his preferred shares. That means nobody can tell him what to do.)
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