My goofy GNM story.My goofy GNM story.
Usually in June I go after summer shopping season bargains.
I thought that I would like to get in on General Minerals (GNM),
since I was in the market to add some stocks to my portfolio.
Several people that I admire said that GNM was an opportunity -
actually, I don’t have a clue as to why, but who am I to have an opinion?
Well anyway, GNM jumped up to about $3.00 and I said a good-bye to that streetcar.
However, just to be ornery, I put in a stink bid more that a dollar under the market.
I was sure that it was impossibly low. I wasn’t even worth thinking about.
Later, I used the money available to purchase other stocks.
Now if I had a brain, I would have canceled my stink bid.
However being incredibly lazy, and thinking that it was so far out of the money;
I considered picking up the phone was an unnecessary waste of time.
I just decided that it was easier to just forget about it.
Imagine my surprise when I got a call saying that I was the new owner of GNM.
I said that I already spent the money.
Sell my excess GNM shares down to what my account could afford.
Well because of some stupid rules, I could not sell my excess GNM, until I paid for them???
I could only sell another stock to pay for the GNM and then I could sell the GNM if I wanted to.
Well if I happen to get the GNM paid for, what if the point of selling it?
Well there was some scuttle butt going around about Quest Capital getting long in the tooth,
so I sold that, and had enough left over to get even more GNM.
So it looks like it all worked out for the better.
I am now happily setting here with 20K shares of GNM,
and I still have no clue what this company is about.
RJ