RE:RE:I Just Want To Say That I Lost Over 70% rad10 wrote: BlueJaysFan wrote: I am 27 years old and lost 70% of my portfolio in the hopes of an Apollo buyout. I believed Andrew McCreath when he spoke on BNN back in April when he talked about an Apollo buyout. That was almost half a year ago. Half a year of watching this stock go down for me. Half a year of reading on this bullboard that the buyout will be coming and the shorts will be squeezed. If I find out that McCreath was screwing around with investors while he wa dumping into a buyout hype I will make it my life mission to see that justice is served.
Hi - I was your age when I lost my shirt on a company called London International Group. They are now private having undergone restructuring. They manufactured condoms under the durex brand. It was the early 90s and HIV was going to afflict us all. I was convinced it was a home run as they manufactured my favourite brand of surgical gloves and the condoms were as good as any. Half of my portfolio was in this company before it restructured.
You are pissed - and rightly so. But how come Concordia was more than 3% of your portfolio? It was always a speculative bet. Core holdings in pharma should be companies like Novartis, GSK, JNJ or Merck not a speculative small cap Canadian roll up.
I learnt the hard way - have made every mistake in the book. The fact that you are interested in investing in your twenties bodes well for you! Good luck and cheers
Thanks for the G.luck, Condoms and surgical gloves sounds good to me compared to the old drugs I have apparently invested in! I know I only have myself to blame. "But" when McCreath said the shares would likely fetch $50 to $60 and a Rolleresque poster enticed me every day, greed was stronger then fear. I don't have the time or skill to research this company (as apparantly some of the more vocal short sellers on this board do!), and I am not an accountant. And yes, I have learned a very important lesson, but my hatred for the people who perpetuated the story of a buyout goes far above the money that I have lost. (And that includes the "insiders" on this bull board that I have read over the last six months that drift in and out.) If a bank robber rips off a bank, they see jail time. What happens to people like McCreath or Donville who takes in the old guy like"John's from Sudbury" who is in retirement and not my age? Why were these impairments a surprise to these "professional" investment analysts? Why is it OK for a company to issue a press release saying "the cvs exclusion has no material impact" but FAIL to mention that a generic has just been approved for the same drug that apparently has a very real very big material impact. What kind of BS Press Releases does this company give? The shorts had mentioned the generic for Nilandron on this very bull board and I just thought 'so what', generics are going to come on board all the time. That was my mistake, but I have a full-time job - I don't have time to look at what each drug contributes to revenue. What analyst lowered their target based on this generic? I don't remember any doing so and if they don't have time they should stop covering the stock.
I am with the fellow who wants the name of a Canadian LAW FIRM who is willing to represent investors! Anyways, my rant is done and in summary I know I should only blame myself. Please someone post a Canadian law firm if they know of one.