Took a big loss but thought it was just too risky to continue to hold Lnco. And I have signed up for and have been approved as a client in the 'potential' Class Action lawsuit at the the Rosen Law Firm P.A.
It doesn't sound as though I have too much loyalty toward Lnco. Well, I don't. I don't believe in having any loyalty to any stock or company. They don't even know I exist. I invest, not out of loyalty, but to make a profit. And I took a big loss from Lnco. So, we'll see what will happen, pending the outcome of the SEC investigation of course.
I read the hedgeye fishwrapper, barons, story and have watched the short interest on line and lnco. This time next week will expect the short covering to be serious amoung those renting the stock. Owners and investors are not flies under the swatter and do not live in minyoncity. nothing new here just people who never spent a day in an oil field working the beat.
Sorry for your loss. We were going to "invest" in LNCO at 42 or thereabouts when it was first annouced that they would begin paying monthly. Trouble was we would have had to sell some TPZ which pays monthly also but is more diversified as an MLP in the energy sector. Thank God, we didn't gamble and stuck with TPZ. Not a high flyer, but not a crash and burn as could (and did) easily happen with a "one company" stock. Good luck with your legal endeavors and hopefully the lawyers will share at least a little of any winnings.