Peace guys… I see that I may have unintentionally come across with some animosity which is not my intention at all. The “yanke” term was not intended to be lobbed by me directly. I was only demonstrating the likely perception by some on site. I had no intentions of hitting a raw nerve with that. In hindsight I admit that I could have worded it better. I have no prejudgments based on origins, race, religion, sexual orientation, nationality, economic status or one’s personal ideas about Quest and Eugene. My judgments are leveled individually based on actions and behavior.
Back to the original subject… My intention is not to defend Eugene even though it may come across that way. I’m not trying to pump Quest either. I only aim to show that some theories that are presented here as foregone fact appear to have very little if no solid evidence to back them up. Things may add up that way on the surface but dig a little deeper and it’s not so cut and dried. The idea of MM mirror trading for whatever agenda may seem neat. But ongoing dilution explains the perceived MM action in regards to Quest much better and it is backed up by the annual report that came out last week. The idea that Quest is a scam, as entrenched as it is and as much anecdotal evidence that exists, cannot be proved. The results of a failed business plan are playing right into that scam theory though. And some of those who have trashed Quest all along feel the need to stoke their ego by claiming “See, I told ya so”. But it’s not hard to stab in the dark and nail a failure in penny land. They are all too common. When it happens there are always some smug egocentric people who pile on like that, claiming they predicted it. Someone please tell me what that really accomplishes. Every now and then one pulls all the right strings at the right time and lucks into success.
Back to Quest… All it would take for Quest to turn it in the other direction is a solid economic upturn and for the type of coal that Quest has to approach $100 per short ton again. It looks like it may not happen soon enough. But if Quest could get a contract or two in the $80 to $90 per clean ton range I believe they would not have any trouble filling it now and it would make a big difference in the outcome of this story. Everyone is entitled to their own perception though. To each his own. I only aim to show an alternative theory which has at least as much anecdotal evidence behind it, although it cannot be proved or disproved either. The fact that the SEC has yet to announce any evidence of a scam six months after they served the Wells notice supports that theory. The investigation couldn’t have been that complicated or lengthy. If Eugene was running a bald-faced scam they would have been quick to take action by indicting Eugene and/or halting Quest trading. Take a look at BIHC if you doubt me. Trading was halted for two weeks back in February and resumed on the grey sheets due to uncertainties about advertised details of the business. It doesn’t really matter though. If Quest is an honest business attempt that fails, the outcome will be substantially the same for its investors as if it is a flat-out scam. I have simply watched the scam conspiracy crowd over the past year. Without taking into account all of the evidence, they made shallow assumptions and got lucky because Quest’s business plan appears to have failed so far. Keep in mind that not all of the evidence can be obtained from your Internet connection while sitting at your desk. I have been to the mine site and talked to the guys who are running it. There was and is a lot more going on there that many give credit for. Many current naysayers have lost money in it and feel the need to deflect the blame from themselves. Somehow it feels better to be a victim of a scam rather than admitting a personal investment mistake. It provides a reason to turn the anger out and vent it. Like I said, I’m not trying to defend Eugene. I made a little on the pop last June and I lost a little on it too last summer. But I blame no one for that loss. I researched it to the best of my ability including visiting the mine site and reading through the SEC filings and BK documents. But I could not have predicted the depth of this economic downturn and the effect it would have on the coal industry any better that Eugene back during last summer. Coal prices were soaring and it looked good then. My decision to invest was mine alone. And as a result of my ongoing research I was out before the reverse split. So I dodged that bullet. My average reentry now is .0006 and for the small amount that I currently have on it, if it flat-lines at zero I wouldn’t lose any sleep. In my opinion it is a minor gamble with odds that can’t be any worse than buying a lottery ticket. I’m certainly not attempting to coax anyone into buying in though. Based on the ongoing dilution I am watching for the next RS and may duck out again at some point. I’m trying to gather a little more current data first and it may be time to trip by the mine site again soon. Right now I’m watching the daily volume and trading patterns for signs of more dilution and waiting on March and April’s monthly reports to the BK court. I already know that last years numbers will look bad when the amendment to the annual report is released. And I figure that it is approaching 1B shares OS again by now. Maybe if I sell soon I will net enough to buy a new keyboard to replace the one I just wore out.
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