Mirant is in bankruptcy. You are not purchasing a stake in the future operations of this company, your shares will be cancelled when the company emerges from bankruptcy. Your sole return will be to receive any excess remaining after all creditors are paid. Management of the company says there are insufficient funds to pay all creditors, thus the shares are worthless. There is a committee representing shareholders, they, of course, disagree. However, I think it unlikely that the shares have any real value.
This company taught me some very expensive lessons. I lost way, way more money investing in MIR than any rational, sane person would ever risk. It is incredible to me that the company continues to post the 'Mirant Mindset' on it's website. I am also amazed that Martha Stewart received prisontime while Mirant's CEO, Marce Fuller, not only was never charged with a crime, she continues to hold her position. This is not a company that has proven itself to be shareholder friendly, or even to be honest keepers of their 'Mirant Mindset'. I would never invest a dollar in any company that would employ Marce Fuller.
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