Replies to post #2953 on Shamika 2 Gold, Inc. (fka SHMX)

[1manband]

Shamika is a broken company. Once you sell toxic "death spiral" convertibles, the company will die. It is just a question of how long and how many common shareholders do you take down with it.

Shamika doesn't even have much value as a shell, as it is tainted and dirty, thanks to the toxic convertibles. At this point, even if they did want to revive the company and begin mineral exploration, it would be cheaper, easier and cleaner to do it with an entirely new company. There is nothing of value in this company left.

[1manband]

Management didn't "spend" all the money they raised through the sale of the death spirals. They took it. Big difference. "Spending" implies it was used for operations to further the company. It wasn't - it went right into their pockets as "management fees". Considering they spent a grand total of $8,550 on mineral exploration, there was really nothing to manage. It was just a cash grab, and the shareholders have been left holding a worthless bag.