FORDGT: You are speaking as if this is a contest. It is not a contest. If you feel .03 is worth the risk, then that is fine with me.
I have only stated that this stock was originally under chpt 11 and converted to chpt 7. http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=6071860The debtors gave up any hope of recovery. This stock is essentially worthless. As they say, "One man's garbage is another man's treasure."
OneWest is a Private company and has no shares trading. Has not relation to IndyMac, just like the NEW GM has no relation to the OLD GM. OneWest and the NEW GM are wholly separate entities that are NOT part of any BK proceeding.
The problem here, is liquidity for a trader (depending how large a position you hold). This is NOT an investment opportunity. I have been in stocks that were the liquidity is very minimal and could not dump my entire position. I had to resort to bidwacking and dump my position into trading (dumping) lots and get commissioned to death by my brokerage.
The other problem here is that since this is in chpt 7, the shares are going to be canceled. You calling this a 3 bagger by the end of the year may not happen. Will the shorts cover to book profits for 2010 or will the shares be canceled and the shorts do not have to cover and not pay taxes?
Time will tell. So if you are in this for a trade, then so be it. Just be aware of the above. I just do not like to see people misinformed and suffer an adverse effect as a result of misinformation.
I wish you a happy and prosperous new year. May you also make a million or more.
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