Hilarious: Carnes Desperate to Cover on LLEN, Citing Nasdaq Denies Rights!?
This clown is truly pathetic. Now, according to Carnes, Nasdaq is denying rights of Longs!!!
Longs: Jon Carnes cares about you..lol...
Check this conversation with Prof. Gillis (btw, what is he doing in Carnes; company!!???):
$LLEN longs facing total loss should blame NASDAQ for denying them the right to sell their stock at higher prices. Long halts help no one.
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Paul Gillis @ProfGillis 2h
@carnesjon How could NASDAQ possibly allow trades in these circumstances. I know you want to cover, but other buyers do not have info.
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Jon Carnes @carnesjon 1h
@ProfGillis The truth about $LLEN has never been more apparent, yet NASDAQ continues to deprive investors of their property rights
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9:16 AM - 8 Apr 2014 · Details
Eff him... Even if i lose out on 100% here at least I can take some joy in watching his profits crumble under him as well. One thing to consider, I an sure GEO and them all made a ton of cash, but it is very expensive to do it they way they did... Every day that goes by that they have to pay rental fee's (interest) is a bit lower margin for them.
Even if my position is totally wiped out at least the longer this goes on the closer theirs is too....
You have an odd sense of justice. If your position ends up worthless it means that GEO and Carnes were right all along as they tried to prevent Lee from continuing the fraud. Yet you would prefer to see them lose money as well?
A non-margined long sees two, maybe three outcomes, Total Loss, Partial Loss, Long Term gain, but no actual time pressure to see an outcome one way or the other, because in the loss scenarios, they now can't be used until determining Federal taxes for 2014.
In the event that LLEN recovers, the longer the halt, the more likely holdings approach long-term capital gains status.
Of course, if there is any value to LLEN when this is all over, then one the opportunity cost to deal with.
For Carnes, OTOH, the longer this goes on, the more he pays in margin expense. Sure, LLEN might end up worthless, but every day, his profits are a little bit less due to the interest expense.
He's right Mitch....this halt has gone on for nearly 6 months now.
This was not the case in past years where after waiting patiently for a company to explain it's self, and hearing nor receiving no cogent argument or data, the stocks were delisted and returned to their old registrations on the OTC.
These long halts, and there have been only a few this long, are damaging to both longs and shorts and there seems to be no particular legal or practical reason for it.
Long or short, both trades are legitimate market functions..
Both are being hurt by this halt, and the Nasdaq has not made public their reasoning, nor has LLEN.
If I had to guess, I would say it is likely a abundance of caution as the result of the opinions expressed by one SEC ALJ who apparently injected racism and the avoidance of racist perceptions into the stock market.
A decision that I found to be absurd. Pitifully absurd on it's face. But with apparent implications today.
The company is in transition. CEO is out. LLEN needs time to regroup and halt is doing investors a service. Thank you Nasdaq and please keep the halt.
Carnes is kicking and screaming because he is tied up and has to pay margin.
His agenda and sudden care for Longs is clear.
As a Long, I have no problem LLEN being halted at all...and I am sure other longs share the same sentiment.