Good for robber getting out with a small profit...Jim thinks everyone is an idiot...all that talk about "maybe" paying a dividend...who is he fooling? What a joke. This company is about as close to paying a dividend as Lehman Brothers is.
We have been played for long enough...$50M to the bottom line...yeah right!!! Jim - do everyone a favor and go away...you are inept. You are worthless. You are the worst CEO (and CFO) of all time.
I remember both of those companies. Paychex took over the PSC building in Webster.
Bottom line is current management doesn't appear to be able to do any kind of deal but that's nothing new. I should have listened to the people who originally told me that. Instead like an idiot I took the 20 grand or so I had already pocketed on this thing and put it all back in plus more.
Here's Case Study from ROC- Hahn Automotive Supply went Public for the Family to get some liquidity use funds to expand..also went Public in the range of 10-11..bought a bankrupt company called Autoworks out of AZ for multiple millions cause they were so smart and brilliant they could turn in around and incorporate the underperforming asset and turn it into a money machine- never happened and later they wrote off the acquisition in Federal Bankruptcy Court-believe at the time it was one of the largest one ever in that District.
PSC went public @ 12-13 a share ..to use the funds for acquistions, expansions etc..great promise growth track.etc etc..4 years later went out without so much as a whimper at $1 a share private sale....so it happens.. often what people say to their shareholders and how those forward looking statements play out..well they don't always mesh..That has been the case thus far with Torvec..To date they don't seem to be able to get done what they say they are gonna do..Can always change that reality but that's the rub with being public company..you leave a very discernable track record..Since Vernon's death Torvec's isn't all that spectacular..
It has happened before...remember buy.com?
If he waits until the stock hits $0.01 it will only cost the family about $150K to take it private (assuming they own half already)...it can be done legally.
Intresting comment about going private. I was thinking the same thing.Taking the technology in exchange for past services rendered or something like that. I'm not sure about the legality but I'm thinking that would generate your class action suit. I think that's a stretch but stranger things have happened.
The shareholder meeting has been rather disheartening.
The slide only took three days! Expect another CEO update filled with more BS soon. Jim has the board of clowns working on it already.
Oh, there is no deal from Nissan...that is why they haven't tried to borrow.
These guys are nothing but crooks...did you hear they advised Daschle re: taxes???
I think Jim is dumb enough to let the stock slide down to nothing and take the company private again...I can't see this ending any other way.
Dino - you are more than likely going to return to work at The Mirage, manning the door. Is that why you have been seen there recently? Politicking for your old job?