Still selling at 1/4 to 1/3 value of its peer group
> Are you saying that they sold him shares at $1.12 a share, 90% under the market price, and now as payback he's pumping the stock? If true, that is disturbing.
No of course not. They bought 640,300 MFN shares in Q1 2008 for a total of 717,250 SHARES. PFS already owned 76,950 shares.
> Obviously, they should have disclosed thier financial interest in this company before the extra positive pumping.
On Financial sense they rarely mention any stock names due to sec rules and conflict of interest. But they do interview mining company CEO's occasionally, especially juniors. That's where this snippet comes from. Though it's never stated, my impression is that only companies that Jim has a positive opinion of are profiled. Also, usually the questions are quite neutral letting the CEOs speak for themselves. This here is the rare occurrence where JP lets his opinion slip out a bit in the question. Combined with the 13f-hr release, I thought it worth posting, but I would hardly call this pumping.
Financialsense.com "pumped" MFN twice. Once when they iv'd the CEO and the second time was on the last broadcast where JP interviewed Eric King. They did not mention the stock by name but positively identified it nevertheless. They suggested anyone thinking of selling this great investment (MFN) even though hitting new near term lows would be guilty of having "weak hands" and only the "strong hands" would eventually realize healthy profits in this company. I'd characterized that as pumping. It may also turn out to be good advice.
If one knew JP held such a significant interest in this stock, you'd naturally take this "advice" with a grain of salt. In the future, thanks to you, I will.