As the chart shows, PIPEs always make the shares a "hot commodity" for a short while.
Then the price collapses.
And while it makes a great story that each PIPE is smarter and richer people, it's just that, a nice story.
Kind of like magic catalysts, non-existent patents, SEC "slaps on the wrist" and the like.
JB may not be able to run a profitable business, but he's sure proven he can convince people to pay him handsomely to try.
They have the cash now to run for another 3-4 quarters (assuming the SEC doesn't demand too much in disgorgement), but at the rate they are losing money, they'll have to come back in the first half of next year for more. And no doubt those PIPErs will be even smarter and richer than these.
Madoff had several billionaires, MANY millionaires, some of the smartest people and sharpest businessmen in his list of backers too. Didn't do any of them any good. And many of those folks put real money into his venture.
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