Short memories...A while back, maybe a year or so, my then broker was pumping Triband as a viable spec stock because Pogue was involved. The premise sounded good: a successful promoter whose name alone is good for a double on any spec play. They had a pp arranged and everything seemed ready to happen at any minute.
I laid down about $2000.00 and bought 7000 shares. Almost immediately I realized that something was amiss. There were far too many shares trading with very little price volatility for just a shell Company whose only credit seemed to be that they were getting ready to blast off.
Then reality set in. The pp was withdrawn, the stock price declined and many investors were stuck. Now what? Wait and see if they arrange another financing? Dump it and move on? I and many others no doubt held on. To our dismay we find ourselves in the positon of having our holdings consolidated from 4 to 1.
I feel ripped off. Yes it is a pure spec play. Yes it is risky. But from what I can discern the principle's involved in Triband probably unloaded their shares to us unsuspecting shareholders and now are using our money, the money they made selling us their scam, to finance this new 'endeavor'.
For many of us it's a long way back to break even. Somewhere around $1.10.
The moral of this story: If some scumbag broker is trying to get you to invest in this Company just because Pogue or some Gumby of the month promoter is involved, run, don't walk away, as fast as you can. I would rather see a few of us lose our money than this group make more off of the unsuspecting'sheeple'.
They'll burn you every time.
Cat.