Today I went out of my way to make sells at or above $3.20 and each time someone would immediately following up with sells below $3.20. Then they made sure we ended the day at $3.15. I am now convinced that someone is trying to get people to get so frustrated with this stock they hand it over at bargain prices. Seen it so many times before. People don't get trapped- shares are worth more than 2x today's price.
So you think the shares are worth 2x today's price, but you're selling shares???
Did you ever think that maybe a seller just really wants out before year-end to capture the capital losses? The negative earnings, book value erosion, buyback elimination, and dividend elimination have destroyed any potential investor demand. The price keeps dropping because their is no one to purchase the shares. The only way to entice buyers is to keep lowering the price. The BOD and Mgmt will continue to operate this company until there is no book value left. When Mgmt finally recognizes that they are incapable of operating this business, it will be sold at a discount to book because no acquirer will want to pay book and then suffer potential losses. This company should have been shopped a year ago, but I fear egos got in the way of the correct decision for the shareholders. I would love to see the company forecasts that were shown to the outside financial advisor.
Did you know that this stock went public on 11/5/98 @ $7.50? It hasn't created any shareholder value over twelve years. I'm not planning on that changing until the Board is reconfigured.
Let me start off by saying that i am as frustrated with this stock as the rest of you. I originally purchased it for growth and the dividend and unfortunately have realized neither. The dividend has been cut to $0.00 and the stock has plunged. To add insult to injury the board rejected an offer that would have been beneficial to all shareholders - stating that the offer undervalued the company. Since the rejection the stock has dropped over $2.00. Pretty significant when you are talking about a $3.15 stock. Howerver in regard to the last posting I wanted to point out that this stock has paid ~ $3.40 in dividends and a 3/2 stock split. Shareholder action may be needed to shake things up with this company as the executive rhetoric is getting quite "old."