They did not get it.Good news, the weak willed are out. Good bye high spending mgt.
Our new saviors invested 88k.
Yep, 88k, less than what I have in.
So, they are missing 12%.
They cannot squeeze out immediately. They failed to get thru 90.
Here is what we do next.
NOTHING. LET IT PLAY OUT.
They can creep over 90, but, it is not easy.
IGNORE THE DeLISTING ARGUMENT, IT IS MOOT.
WE DO NOT HAVE ANYTHING OF SUBSTANCE LEFT.
AGAIN, WHO CARES.
WITH THE CONTROLS ON DEBT, THIS COMPANY WILL BE BETTER SERVED.
WILL THEY BANKRUPT THE CO.? WHO CARES. WE HAVE NOTHING LEFT.
I have had surprisingly results on a couple co.s that entered bankruptcy. Danier leather sent out dollars a share.
Zedcor emerged from a failed service co, its now 60 cents.
I doubled my money on Asia Packaging after a class action settlement. A pure 100% on original capital. Sloth sometimes pays.
Do not let your broker argue that you should gift the shares out of your account. You will not get the subsequent wins and these reminders of complete failures are important lessons.
What did I learn? Couple things. First real-estate is real. The co. Brought in close to what I guessed.
2. There are institutional mistakes that kill you. I failed to grasp the motivation of management. I incorrectly assumed they and the board were in my opinion rational. They could not pivot despite what they must have seen in the daily reports.
They simply could not sell product at a price and volume to cover costs. They should have hit the brakes hard, instead they spent the real estate proceeds at a frightening rate.
In the end, failures happen fast. Despite not having bank debt, this thing dropped like a stone.
Finally, when management, in this case the CFO, refuses to return repeated calls from a shareholder. Something is up.
I had operating concerns, wanted information. I was too patient.
I consider this to be a failure on my part as well as this person.
I will never hold an investment in any companies that management drift into. Do not forget their names.
Pender, they are in my dog house. They can pick technology names. But, this has me pausing. I used their prior success as a proxy for proper investigation. By the time I got concerned, I was screwed, at least I did not average down.
Merry Christmas to those that did not tender. 2023 could be interesting.
I lost one and a half points of portfolio returns on this fiasco. It stings. I play with these micro caps for outsized returns. Still plus 8 on the year. Onwards...