Bought 23,000 shares yesterday at .314 and sold them just now at .335. Longs will get killed, and here's why:
1) Tight trading range the last two days. If this was going to survive without horrific news it would have spiked higher. This is how stocks that are about to get killed trade (See FBN and JRCC for recent examples).
2) They waited 7 days to announce the terrible news. Yesterday they basically told you that they had been trying to salvage the situation for 7 days but could not do it. There is no way the ED reverses the 21 day hold any time soon, if at all.
3) It is likely that the biggest loser here, Long Time Follower, was on the phone attempting to talk to people at the company. For him to take his huge loss means that they were unresponsive to him, or they told him something that he didn't want to here.
May God have mercy on your financial SOULS! I may be back to buy at 8 cents when they file BK.