MediumLlama - Yes, I totally agree with Newmedman here, that is great advice. It costs you nothing to just simply wait and see how the fundamental story develops with the 'other' one before accumulating once again.
I think Newmedman makes a great point about putting in orders either at the bid or lower, because at this point it would not be wise to put in bids at the ask or higher just to snap up shares unless you already had the intent of buying out all of the shares that the MMs hold and that is a dangerous game because whatever you see on Level II currently is not the whole story; no one can know exactly how large their position is and they are mostly the only ones trading the stock right now. If and when they see huge bids coming in, they will probably raise all of the asks and also pile more shares onto the asks.
I would add one point though to Newmedmans post and that is that you could put a rather large bid (for your personal scenario) at par value (.001) because chances are the pps would never get down to that level; as any seller that desperate would probably not get filled lower than par because any buyer at under par would be getting insanely cheap shares yes BUT tacks on the added risk of the company going under and them possibly owing the company (being liable for) the difference btw those buys and par in the event of a bankruptcy. So if you were lucky enough to ever get a seller at or near .001 (but not under) then I should think placing such a huge bid at par is rather a good idea. The low back in the beginning of the year was .0017 in that one so you never know however the pps is imaginary and many make the faulty assumption that just because the last most recent trade was made at that level that any potential holder could get in for any number of shares he desires at that price, that is incorrect. They could sell 42 shares tomorrow for .0017 but attempting to then jump in and buy 10 million shares at .0017 is probably NOT going to make you successful in snapping up 10 million shares at that price. You must remember, that you have to have a sellers who are willing to part with a certain number of shares at the current price. So just because the pps came down by 50% or 80% or whatever does not mean anything if only some very very small fraction of the float was traded at that level; trying to capitalize on that price by buying up some portion of the float at that price will be difficult if not impossible, the pps would immediately begin ticking up and up and up as you buy.
It is unfortunate to hear of your recent difficulties with your brokerage and the 'other' one. I feel very bad for your situation and just to let you know, you are not alone, I have spoken to many other day traders who are currently having similar situations as the market tanks. I wish I could help in any way I can, please PM me your email address and we could discuss it. I know being a student and trading the market is tough, I'm sure I could give you some sound advice on your specific scenarios.
For now, I think Newmedman said it all, wait and be patient, as more fundamental news comes out on the 'other' one we will know more and so know better what valuations and pps ranges we can buy and sell. Though for me personally I have already written off that one as far as ever getting an actual ROI and instead will hold it forever as a favorite toy.
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