18% divvy. No insider buying or holdings! Uh ohh...
I posted this to meco. I will repost for you guys:
meco, i couldnt agree more. I bought in a little while ago on the hope they could even sustain half the divvy. My thoughts are if they cut the divvy in half the stock wont fall much as its been priced in already. What is very very worrysome is that insiders own almost no stock and there have been no insider purchases with an 18% divvy! Why????????????? Very worrysome. If I saw any insider buying 100k or more Id buy more also. Yet with tanker rates rising, I will hold and see what happens. Might buy some SEA to diversify and get a decent yield. After all, tanker rates have risen nicely.
Shane I hear yuh. However if I was the CEO or the other 2 empoyees, or how about anyone on the board of directors....I would mortgage my house to the max at around 6% interest, and put the entire thing in this stock at 20% and pocket the difference. The fact that we cant even hold 5 dollars since my last post should concern all of us. Now...to the guy with the snide remark about me being short...tell me, in fact I ask all of you...is there one person here who would consider taking a cheap second mortgage on their house to buy more of this stock and pocket the 14% difference? Tell me there is 1 guy who would do it. And no, I am long and not short. I am just a bit upset because this is one of my few long term holdings because of the divvy and I cant see them sustaining it. But I will admit that having only 3 employees skews what I am saying a bit. However...the "fact" that they do not own even 1% of the float tells me they have no syake in keeping the divvy. they can find an excuse to cut it and give half of that to themselves in bonuses 6 months later. You guys do remember what the banks did with all that tarp money dont yuh? It was only 2 months ago. People are people.
Your div will be safe if management can do anything to keep it. They are completely committed to bringing safe income to investors. The super low overhead of three employees helps us along the way. I would worry more about outside influences than blanket decisions of management.