Anyone naive enough to believe the casino operates on an even keel, I can only say I have a used hot tub for sale in Marin County--"minor" leaks only. The secondary offering, so close to the IPO, was an unusual event to say the least. At that time, it was justified on the message board in every possible manner except as a convenient back door exit for the insiders, many who were official tribe members. I believe nearly $600 million in cash was raised from this sham near the $12- level, and few questioned the legitimacy. The CEO, Mark Pinus, reaped a cool $200 million. None of this capital was used to to improve the company's prospects. It merely lined the pockets of the chosen few. I suggest that the insiders knew the coming earnings report was one huge train wreck. The lawyers will litigate this issue, and I think the plaintiffs have an excellent case.
At the moment, many opine that ZNGA is a takeover target or that the October earnings report will demonstrate renewed vitality. I believe neither. Volume is a reliable figure, and it is drying up rapidly. If the outlook for ZNGA was improving, the big boys (generally in the know) would be loading up below $3-. This is clearly not the case. Yesterday, a paltry 4.6 million shares crossed the tape. This, like the fraudulent secondary offering, is one major warning sign. I'm not complaining, as I was among the shorts near the high. I also still have a few ounces of integrity. This stock is all about Karma Yoga. Money greases the cogs, but it is not my God. ZNGA and Farcebook are essentially frauds. The underwriters need to go down on this as well. Play in a den of thieves at your own peril.
I will reiterate that I am simply compensated by a sophisticated syndicate of shorts who have literally minted money from the scam bull dog, ZNGA, starting at $14.19. Like Charles Dickens, I am paid by the word, and my monthly salary generally falls in the area of $1500-. I do receive handsome bonuses if my projections prove correct. There are also certain perks--bar tabs, Korean "massages," the occasional high class working girl, and so on. The only requirement, which must be strictly adhered to, is that I must always speak the truth. I cannot embellish my missives. Like Sgt. Friday--nothing but the facts. The short syndicate was considering to venture onto the Farcebook message board, but it is so crowded with meaningless traffic; the Obama and Romney folks prevail. It really doesn't matter at the final stages of this game who is elected. I'd like to enter the realm of FB, as I could use the extra cash, but my superiors wish to hold off there for the moment, not that they do not have short positions in that fraud stock as well. I'm sorry you do not appreciate my opinions, but had you followed them, the profits were quite handsome. I actually am the sensitive sort, of a poetic temperament, and my feelings are easily bruised. No, it is not quite the unbridled ego and arrogance of that CEO, Mark Pinus. So, just try to be nice to me.
I only met Warmninja once, in a Boston Irish bar. He seemed a likable fellow, though our minds were a bit foggy from the numerous libations. I did give him a copy of that little gem, "The Elements of Style." I think he wants to work on his execution of the written word. One thing is certain. Warmninja has been absolutely correct on the collapse of ZNGA, the flea infested bull dog. We must give him credit for the correct call.