<<I'm all ready well into the green by not listening to these bashers and shorts.>>
Amazing how there are always those smarter than everybody else spouting their brilliance. This stock has one of the worst looking charts ever posted and fundamentals that go right along with it.
But we have Mr. Biddle Bank who must have went all in what...Monday? Fact is debt holders HATE equity. The equity swap they took leaves the shareholder with 1/10 (guess) of what they had. But Mr. Biddle Bank was too smart to be a shareholder before Monday. Nobody knows what this stock is worth right now. I guess 400M in debt was swapped for 1B shares of equity. So at the least you would think the debt holder would want no less than 40c/share. But there should be a premium paid for the swap...so they expect more than 40c/share. Right now it's double...will it hold?
I bought my way down to the bottom by cost averaging. But you are right in the respect to previous stock holders. (When the stock traded above $3.) But keep in mind, everyone took a hit on this. Even Goldman Sachs took a hit when they chose not to exercise their Credit Default Swaps. Until now I have not had many good things to say about GS but this was one of them.
Essentially only two parties could have benefitted had the deal not been made. Shorts and holders of credit default swaps. The rest will have to be patient and hope for a future return or learn the lesson of risk taking. We all lose money at various times. A successful trader just makes sure he wins more than he loses.