that a conversation, and I use that term very loosely, with dimwitted, much like an investment in LOCM, goes nowhere fast.
Last year, LOCM's audit opinion on its financial statements included an explanatory paragraph about the accountant's concerns regarding LOCM's ability to continue as a going concern. What will Monday bring? I suspect more of the same, unless the dilutive financing occurs before then.
Background on Melissa Davis, partner of Hunter Adams, may be helpful, too.
I read the article “Melissa Davis of Streetsweeper in Bed with Short Sellers and Convicted Felons”
The fact that TheStreetSweeper was in cahoots with a hedge fund shorting the stock Davis attacked should speak volumes to investors about the integrity of her reporting and TheStreetSweeper’s real purpose. Davis is a paid hack, not an objective journalist.
Convicted Racketeer Sits on TheStreetSweeper’s Advisory Board
Among other journalistic tactics, Ms. Davis is fond of implying current malfeasance by dredging up prior executive sins, as in a June 2010 exposé titled “Ecosphere: A Clean Energy Company with a Dirty CEO?” in which she trumpeted drug convictions that the CEO of Ecosphere Technologies, Inc. incurred more than 20 years ago. Such actions are hypocritical when you consider that a key member of TheStreetSweeper’s “clean up crew” was convicted less than a decade ago of racketeering as well as conspiracy to commit securities fraud and money laundering. Apparently rehabilitation is something that only members of the StreetSweeper team can achieve.
TheStreetSweeper does not have much of a following, as its ratings are so low it does not even register as a followed site on Quantcast and ranks poorly at Alexa. Nevertheless, everyone loves a good scandal, and such muckraking journalism carries the potential to drive down a company’s stock price–and has successfully done so in the past. Such slanted journalism must therefore be exposed.
Unreliable Reporting, Not to be Trusted
We at RedChip applaud the efforts of those who legitimately attempt to uncover stock scams and report them in an objective manner. As for Ms. Davis, her work is couched in innuendo, inflammatory language, misdirection, and logical fallacies. Her heavy reliance upon verbal gymnastics and sensationalism calls her motives into question. In our view, this is one “journalist” whose work just can’t be relied upon.