On April 16, 2012 GMX Resources annnounces they were raising FY'12 Production Guidance, then within 2-3 weeks on May 3, 2012 they then announce they are lowering FY'12 Production Guidance. That further destroyed whatever there was going for the common stock... The massive shorting and other manipulative Shennanigans are simply CRIMINAL Activities... that is the one and only term for it. This POS has proved to be a terribly misleading investment in a Company that couldn't give a #$%$ about what they do to common shareholders.
Unfortunately Steve it is hard to argue with your post.
The company is not being run in the interest of the current stock holders.
They are reversing out current shareholders - you will see them put plenty more shares on the books after the smoke clears. Dilution is not an if - but how quickly its here.
It's been bait and switch with the numbers and plans for the past year and half.
Can we all remember the "checkerboard" sale to raise money to start a 2nd rig?
What a joke.
A 13 -1 reverse stock split shows how unGodly stupid this management team really is.
Splitting to 7 mil shares so we can stay on the NYSE. Like the NYSE is the place for such an illiquid situation as they are creating. Not a institution in town going to touch this POS with no ay to get out of their position after buying. Kenworthy may be a good geologist but he sucks at running a public company.
They better have some bullets,and plenty of them, to fire after the split or we can all kiss our #$%$ goodbye!The way they've managed this co., the board should be shot and quartered!
The ba&&s of these guys to continually lie and deceit the shareholders, and it;s unabated. The split and their future actions shortly thereafter, will probably put the final nail in our coffins!