Some steps for longs to consider (since I was asked by someone what steps I would consider):
1) Contact the class action attorney of your choice by calling any of the previously advertising law firms, I'm sure there will be more too. They will be interested in your claim even if you have yet to sell as they will be developing claims based on varied timeframes in the future. Wont be surprised to see Shapiro will go after CCME in light of today's announcements. Or look for one in your area.
2) Tons of cash is lost, but perhaps not all yet. There's also some saying it could down the road open, say, at 3 and then trade all over the place. On those days a solid trader like Joe could net quite a bundle. Depends if you are wanting to take those risks or not. Maybe Joe will step in and give advice on that sort of thing.
3) If you desperately need the money, sell when you can and reassess risk tolerance for the future.
4) Consider ideas presented here and on the CGS board.
5) I would also-- sorry -- avoid the CGS sector unless there's big investment banks on board covering the stock, i.e. Goldman, MS, etc., and also -- sorry-- a Big 4 auditor who has audited TWO years worth of audits at least.
6) If you want to join the shorts' party, perhaps next time you see these same characters swarming like wasps around a CGS stock, or some other one, maybe take out a small short position or get some puts. You too can be part of the infinitely expanding empire. Shorts with media control do not have to be right about the facts for you to ride the waves they are likely to generate.
7) You can certainly contact the SEC and the NY AG. They surely are on this one, but no reason not to speak your mind to them or to file a complaint.
8) Wait and see (while considering the above and other options you come across). We don't know yet what did happen in full. We only know the fallout. There's tons more unknown detail. I, for one, would like to know whether Deloitte had any issue with say, 170,000,000 as a cash balance figure. Or how about, say, 100,000,000 cash balance figure. Or is it 0.00 dollars or a negative balance as Don Monfort or Seasaw would tell you. Who knows? And whether a ton of that ends up going to plaintiffs is another question for another day.
If anyone else has other suggestions, I surely welcome them.
-Andrew
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