Replies to post #13645 on Electronic Game Card, Inc (fka EGMIQ)

[dickmilde]

You are exactly correct...

The only thing that is known for sure is that we have a train wreck. Buying this is no different than putting your money on the table and flipping a coin. You don't have to play double or nothing very long to end up with nothing. There are many stocks available for under $1.00 where the SEC has not shut them down because of fraud.

Dick Milde

[okvestor]

I believe the stock moved up because (a) there is some active leadership (Kevin, etal) that seems to be taking steps to resolve the problems and move EGMI forward, (b) very credible parties have been added to the team (PricewaterhouseCoopers, GC Andersen, Shearman & Sterling), and (c) those who had fiduciary duty over the accounting for EGMI during the years in question are no longer in charge and are being replaced.

In my opinion, these steps will create a much stronger foundation under EGMI on which to build its future. Are there problems and questions still to be resolved, and is the operating history, balance sheet and value of EGMI still in question? Absolutely. But I personally take some comfort that those moving forward in the leadership team and those who are just joining see value in making this substantial investment to get things right.

[Rawnoc]

I agree 100%.

Posted by: stonehenge Date: Saturday, April 10, 2010 9:35:28 AM
In reply to: dickmilde who wrote msg# 13553 Post # of 13653

I really don't see why this stock is up? Because Lee Cole says there is a certain amount of assets and EBITDA? blabla
Read Anna's letter and you'll see that nobody has a clue as to where the o/s stands, what the actual cash position is (if any), that a US sub never has been audited, that there have not been paid any salaries in the last 3 months, et cetera, et cetera.

Credibility is completely gone.

This is only the beginning of the unfolding of a disaster, IMO