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New Concept Energy, Inc. Message Board

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  • thesuper007 thesuper007 Jun 17, 2003 8:14 PM Flag

    Oh boy, we are rocking today!

    did this stock really used to be at $500/share? what happened?

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    • the stock was in the $30 range (I think)...the company entered into a loan agreement that with a private entity that stipulated that in event of default, the lender was issued somthing like 20X the amount of shares outstanding. Well the company defaulted and the shareholders got hammered down to a few cents. Then there was a reverse split---like 14 to 1 (or something...I cant remember all this stuff). Most of the shares are held by the lender who figured they could eventually exit through sale of the shares...but it has not turned out that way. I bought after the smack-up but I am still just at even money.

 
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